Zypp Electric deploys over 20,000 e-scooters across India in 2023
"Profitability is the next major milestone which we’re eyeing closely at Zypp along with growth."
Zypp Electric, India's leading tech-enabled EV-as-a-service platform, reported revenue of Rs 325 crore for the financial year ended March 31, 2024 (FY2024) compared to Rs 115 crore in FY2023, an increase of 182 percent.
With the increase in deployments from 11,000 to more than 20,000 electric vehicles in FY2024, Zypp Electric has expanded its presence across six major cities including Delhi NCR, Bangalore and Mumbai, says an official release.
"By collaborating with quick-commerce, food delivery, bike taxi, e-commerce and other online businesses, Zypp Electric has done 45 million+ shipment deliveries from January 2023 to February 2024, which equates to growing 76 lakh trees. Over the past year, we have empowered more than 53,000 delivery executives to adopt an electric vehicle with an opportunity to earn more on our platform. There has also been a notable rise in their monthly average earnings per rider, amounting to more than Rs 24,000/month and allows them to save 50 percent more than petrol bike riders. Their environmentally friendly initiatives have led to a significant reduction of 29 million kilograms of carbon emissions since the start of operations."
Zypp Electric's foray into the three-wheeler cargo business with the E3W fleet has increased to 750+ in February 2024 and deliveries have increased to over 92,000, the release added.
Akash Gupta, Co-Founder & CEO and Rashi Agarwal, Co-Founder & CBO, Zypp Electric
"The last fiscal year has been momentous for us," says Akash Gupta, Co-Founder & CEO, Zypp Electric. "We grew our revenues almost 3X vs. the last fiscal year which I am super proud of for our team to achieve this milestone amid the changing EV landscape. While ramping things up in NCR & Bengaluru by adding more hubs, we initiated our operations in Mumbai this year. Looking ahead, we're excited to commence our services in Hyderabad & targeting to launch in a new city every quarter. On the fleet front, we intend to grow our current strength of 20,000 to around 100,000 vehicles in the next 12 to 18 months, and then grow that to 500,000 over the following 36 to 48 months. Profitability is the next major milestone which we’re eyeing closely at Zypp along with growth."