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This EV startup aims 5X growth in FY2022, to expand fleet

IBEF:  December 28, 2021

This fiscal year, Zypp Electric anticipates its revenue to increase by more than five times to roughly Rs. 25 crores (US$ 3.3 million). The Gurugram-based business secured US$7 million in a Series A round of investment in September, signalling that investors are betting big on India's electric vehicle market. The company presently works with grocery, medicines, food, and e-commerce companies in India like Bigbasket, Grofers, Amazon, Rapido, Flipkart, Spencers, Citymall, Dealshare and others in cities such as Delhi NCR, Bangalore, Hyderabad, Mumbai, and Pune.

The company plans to expand to 100,000 electric vehicles and add 450-500 people, mostly in technology and operations, to help accelerate EV adoption.

The company's audited revenue in FY21 was Rs. 5 crores (US$ 667,014), and it expects to end FY22 with a revenue of above Rs. 25 crores (US$ 3.3 million).

“Super proud to share that our revenue has jumped more than 5 times to Rs.25 crores (US$ 3.3 million) this fiscal year, from Rs.5 crore (US$ 667,014) the year ago. Going by the current monthly run rate, the company expects to end the year at US$6 million ARR. We have created a smart platform that's gaining popularity among (Business to Business) B2B grocery and other hyperlocal delivery companies along with delivery executives who are wanting to go electric with our electric shared mobility platform," said Akash Gupta, Co-Founder & CEO of Zypp Electric.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.