Zypp Electric registers 3X revenue growth in FY24

Zypp Electric, a tech-enabled EV-as-a-service platform, has reported roughly a 3X surge in revenue in FY24.

The company also claims to have achieved a remarkable 396% compound annual growth rate (CAGR) from 2019 to 2022.  The company further stated that it has achieved operational profitability and will breakeven in the next 12-18 months.

Zypp Electric has also 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.

The company has also forayed into the three-wheeler cargo business, with its E3W fleet registering a 6X growth from Feb'23 to 750+ in Feb'24 and deliveries increasing 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 and 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. 

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.

 Akash Gupta, Co-founder and CEO, Zypp Electric, remarked, "The last fiscal year has been momentous for us. We grew our revenues almost 3X versus the last fiscal year which I am super proud of for our team to achieve this milestone amid the changing EV landscape." 

"Looking ahead, we're excited to commence our services in Hyderabad and 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.