Zyngo to add 18,000 electric vehicles to expand last-mile delivery

Zyngo has announced that it is going to deploy more than 18,000 electric vehicles (EV) to enhance its last-mile delivery in India. Zyngo aims to be a leading third-party logistics service providers in the country.

As per the official statement of the company, the electric vehicle shall be deployed all over the country by the end of this financial year and they will be leased or sourced from various domestic original equipment makers (OEMs). Zyngo has been catering to several major e-grocery and e-commerce platforms. Company’s extensive fleet spreads across Delhi-NCR, Bengaluru, Mumbai, Hyderabad, Jaipur and Chandigarh.

Now Zyngo says that it plans to venture into additional markets like Pune, Ahmedabad, Indore, Chennai, Lucknow, Bhopal etc. in this financial year.  As far as the addition of electric vehicles is concerned, the electric two-wheelers will make about 60 per cent and the remaining 40 per cent will be electric three-wheelers.

The official statement also says that  Zyngo has been collaborating with several OEMs through Service Level Agreements under which the OEMs will provide maintenance and servicing to the electric vehicles.

At present Zyngo does about 3-lakh deliveries per month by employing a fleet of more than 850 electric two and three-wheelers. Prateek Rao, Founder-CEO, Zyngo EV Mobility, informed, ”We are currently on track to increase our fleet size by up to 18,000 EVs by FY 23-end. As a part of this, we are targeting deployment of 10,000 EVs across various locations by November 2022, and then the rest by March 2023, in order to fulfil the growing market requirements and to increase our business propositions by 10 times or more.”

The company also informed that it has achieved an Annual Recurring Revenue (ARR) of about Rs 9 crore in the previous financial year. In the last one year, Zyngo grew by about 6 times and now it aims to reach an ARR of Rs 100 crore in the current financial year.

A promising future for EV

Last fiscal, about 4 lakh electric vehicles were sold in India which was three times more than the EVs sold the previous year. E-two wheelers grew by over five times and e-three wheeler segment grew by double. Consulting firm RBSA Advisors have held recently that the electric vehicle market in India will grow by 90 per cent and the market size will touch $150 billion at the end of this decade.