Zypp Electric, India's leading tech-enabled EV-as-a-service platform, has marked a remarkable milestone with a staggering ~3X surge in revenue in FY24. 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. By successfully deploying 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.
The increase from 11,000 to more than 20,000 electric vehicles showcases the company’s dedication to sustainable logistics & mobility platform. By collaborating with quick-commerce, food delivery, bike taxi, e-commerce and other online businesses, the company has been progressively working to ensure 100% electric last-mile deliveries in India, Zypp Electric has done 45 million+ shipment deliveries via electric vehicles from Jan’23 to Feb’24 period which equates to growing 76 Lakh trees on the planet earth. 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 INR 24,000/month and allows them to save 50% 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 its operations.
A few of the key drivers of Zypp Electric's unprecedented growth have been its core focus on a technology platform encompassing the entire EV ecosystem and its strategic expansion into new markets. From being the leader in the National Capital Region (NCR), Zypp Electric has successfully penetrated additional markets, including Bangalore, Mumbai, and now in Hyderabad too.
This expansion not only signifies the company's agility and adaptability but also its ambitious vision to revolutionise electric last-mile logistics across multiple urban landscapes. 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 maximising revenue streams along with branding options on the E3W open for advertising option.
In addition to its expansion endeavours, Zypp Electric has achieved operational profitability, a testament to its robust business model and strategic foresight. With a keen focus on sustainable growth, the company is now on the verge of reaching breakeven over the next 12 to 18 months, setting a solid foundation for long-term success.
Commenting on the company's stellar performance, Akash Gupta, Co-Founder & CEO, 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 & 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." 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.
About Zypp Electric:
Zypp Electric India’s Leading Tech-Enabled EV-as-a-service platform, founded in 2017 with a Mission of Zero Emission and to make India carbon-free by using an ecosystem of Electric Vehicles and EV-based technology to make last-mile logistics sustainable and emission-free. Zypp Electric's business model is to make carbon-free last-mile delivery for local merchants from e-commerce giants to delivery executives and thereby reduce delivery cost and pollution on an asset-light model.
The company currently delivers groceries, medicines, food, and e-commerce packages from point A to point B through their fully automated IoT and AI-enabled scooters which are low on maintenance and high on performance. The technology tracks batteries that can be replaced at Zypp swapping stations which are installed at key touchpoints.
Eco-friendly EV services also reduce the cost per delivery and help to make the city pollution-free. Currently, it has over 20,000+ and increasing Zypp EVs and pilots (delivery executives) working towards this mission.