Zypp Electric Registers 3X Revenue Growth In FY24
Zypp Electric, a tech-enabled EV-as-a-service platform, has marked a 3X surge in revenue in FY24. 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 per cent compound annual growth rate (CAGR) from 2019 to 2022.
By 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, an increase from 11,000 to more than 20,000 electric vehicles.
By collaborating with quick-commerce, food delivery, bike taxi, e-commerce and other online businesses, the company has been progressively working to ensure 100 per cent electric last-mile deliveries in India, Zypp Electric has done more than 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, the company has empowered more than 53,000 delivery executives to adopt an electric vehicle. 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.
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.
Commenting on the company's performance, 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 & 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."
In addition to its expansion endeavours, Zypp Electric has achieved operational profitability. 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.
