Zypp Electric Registers 3 Times Revenue Growth In FY24; Deploys 20k E-Scooters In 2023

Zypp Electric Registers 3 Times Revenue Growth in FY24; Deploys 20k E-Scooters In 2023

Electric Vehicle firm, Zypp Electric has announced that it had a three-times surge in revenue in FY24. The company has deployed an additional fleet of electric scooters across India, Zypp Electric has expanded its presence in six major metropolitan cities of Delhi NCR, Bangalore and Mumbai.

According to Zypp Electric, this exponential growth underscores Zypp Electric’s unwavering commitment to transforming last-mile deliveries through sustainable mobility solutions. Having emerged as the number one ranked company in the entire list of Asia-Pacific 2024’s fastest-growing businesses, Zypp Electric has achieved a remarkable 396% compound annual growth rate (CAGR) from 2019 to 2022.

Zypp Electric also announced that number of its electric vehicles stands at 20,000 from 11,000. This has happened by collaborating with quick-commerce, food delivery, bike taxi, e-commerce, and other online businesses. Environment-friendly initiatives have led to a significant reduction of 29 million kilograms of carbon emissions since the start of its operations, claims the company.

This growth has been due to Zypp’s core focus on a technology platform encompassing the entire EV ecosystem and its strategic expansion into new markets. Apart from the National Capital Region (NCR), Zypp Electric has made inroads into additional markets, including Bangalore, Mumbai, and now Hyderabad.

Moreover, Zypp Electric’s foray into the three-wheeler cargo business further solidifies its position as a frontrunner in the EV sector. E3W fleet has grown 6X from Feb’23 to 750+ in Feb’24 and deliveries have increased from 4,320 to 92,000+ in the same period clocking 21X growth. By diversifying its portfolio, with a fleet of soon-to-reach 1000 electric L5 loaders & expanding, Zypp Electric is poised to cater to a wider range of business needs while maximizing revenue streams along with branding options on the E3W open for advertising option.

Akash Gupta, Co-Founder & CEO of Zypp Electric, remarked, “The last fiscal year has been momentous for us. 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 & target 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.”

Recently, Zypp Electric has also entered into a partnership with Porter Enterprises to provide reliable logistics solutions. With a robust foundation, strategic expansions, a superlative EV Fleet Management technology platform, and a relentless pursuit of innovation, Zypp Electric is poised to reshape the landscape of last-mile deliveries and accelerate the transition towards a sustainable future.