In FY22, Gurugram based EV shared mobility start up, Zypp Electric, estimates a five-fold increase in its revenue over the last financial year to close at roughly INR 25 crore. The company’s audited revenue in FY21 was INR 5 crore.
It must also be noted that Zypp Electric recently raised $7 million in a Series A round funding. In the next 18 months, the start-up aims to expand to 100,000 EVs across the top ten cities of India. It currently operates with 5,000 EVs in the Delhi/NCR region.
In the same time period, it plans to build a team of 450-500 employees, from the current strength of 150 employees. The IoT enabled tech-based EV shared mobility platform started its operations in 2017 with the goal of making India carbon-free by utilising an ecosystem of electric vehicles and EV-based technologies to make last-mile sustainable and emission-free.
The company currently works with grocery, medicines, food, and e-commerce players among other quick commerce companies in India, including Bigbasket, Grofers, Amazon, Rapido, Flipkart, Spencers, Citymall, Dealshare, and many more, in cities such as Delhi NCR, Bangalore, Hyderabad, Mumbai, and Pune.
Akash Gupta, Co-Founder & CEO, Zypp Electric said, “Going by the current monthly run rate, the company expects to end the year at $ 6 mn ARR (annual recurring revenue). The best part is that business has huge focus on driving the right unit economics and get positive contribution margin even as the scale grows 10x.”