Zypp Electric Records 3X Growth in FY 23-24, Hits Rs 325 Crore in Revenue

With Zypp Electric's platform, more than 53,000 delivery drivers have transitioned to electric vehicles.

Zypp Electric, an electric fleet services provider, achieved a 300% increase in its annual revenue during the fiscal year 2024. The company reported a revenue of Rs 353 crore for FY24, a notable rise from the Rs 115 crore generated in the preceding fiscal year.

Additionally, Zypp mentioned achieving operational profitability in FY23-24. The significant jump in its fleet size from 11,000 to 20,000 vehicles last year played a crucial role in driving the growth of its top and bottom lines.

Zypp Electrical witnessed a jump in its fleet size from 11,000 to 20,000. (Source: Zypp Electrical)

Expansion and Growth Strategy

Zypp expanded its operations in Mumbai and Hyderabad, enhancing its presence in major urban hubs like Delhi NCR and Bangalore.

During the financial year, there was significant growth in its three-wheeler cargo vehicles fleet, which increased sixfold since February 2023.

“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,” said Akash Gupta, Co-founder and CEO of Zypp Electric, in a press statement.

Also, he added that the company aims to achieve break-even within the next 12 to 18 months. Zypp partnered with multiple last-mile delivery firms, with Porter being the most recent addition.

Moreover, the company collaborated with delivery platforms like Zomato, Swiggy, Amazon, and Blinkit. Further, as part of their collaboration, Uber has included Zypp’s vehicles in its electric two-wheeler ride services, broadening its range of options in this area.

Zypp collaborated with delivery platforms like Zomato, Swiggy, Amazon, and Blinkit (Source: Zypp Electrical)

Zypp Electric’s Commitment to Sustainability

By expanding its services, the brand not only widens its reach but also plays a role in promoting environmental sustainability through carbon emission reduction.

Through Zypp Electric’s platform, over 53,000 delivery drivers have transitioned to electric vehicles. It resulted in more earnings and reduced operational overheads compared to their petrol counterparts.

Moreover, the company has successfully offset 29 million kilograms of carbon since its inception.

The company’s move into three-wheeler cargo and its plan for electric L5 loaders show Zypp Electric’s commitment to offering more and exploring new markets.

The brand plans to increase its fleet size in the years ahead, with goals set for growth and operational expansion.

Noteworthy Investors

According to data from Tracxn, the startup has secured $37.5 million in funding across 11 rounds. Notable investors such as Google for Startups, Shell E4, Indian Angel Network Fund, Goodyear Ventures, and 9Unicorns, among others, have invested in the company.