In a significant milestone, Zypp Electric, India’s premier tech-enabled EV-as-a-service platform, has revealed a remarkable surge in revenue, tripling its earnings in Fiscal Year 2024 (FY24). This exponential growth underscores Zypp Electric’s steadfast dedication to revolutionizing last-mile deliveries through sustainable mobility solutions. Notably, the company has clinched the top spot among Asia-Pacific’s fastest-growing businesses for 2024, boasting a staggering 396% compound annual growth rate (CAGR) from 2019 to 2022.
By significantly expanding its fleet of electric scooters across India, Zypp Electric has fortified its presence in six major metropolitan cities, including Delhi NCR, Bangalore, and Mumbai. This expansion, from 11,000 to over 20,000 electric vehicles, underscores the company’s commitment to sustainable logistics and mobility platforms.
Collaborating with various sectors such as quick-commerce, food delivery, bike taxi, e-commerce, and other online businesses, Zypp Electric has been steadfast in ensuring 100% electric last-mile deliveries in India. The company has facilitated over 45 million shipment deliveries via electric vehicles from January 2023 to February 2024, tantamount to planting 76 lakh trees and reducing carbon emissions by 29 million kilograms.
A key driver of Zypp Electric’s unprecedented growth has been its focus on technology, encompassing the entire EV ecosystem, and strategic expansion into new markets. From its leadership in the National Capital Region (NCR), Zypp Electric has successfully ventured into additional markets such as Bangalore, Mumbai, and Hyderabad, demonstrating both agility and ambition in revolutionizing electric last-mile logistics.
Moreover, Zypp Electric’s foray into the three-wheeler cargo business further cements its position as a frontrunner in the EV sector. The company’s E3W fleet has expanded sixfold to over 750 vehicles, with deliveries soaring to 92,000+, marking a 21-fold growth.
In a significant development, Zypp Electric has achieved operational profitability, highlighting the resilience of its business model and strategic foresight. With a focus on sustainable growth, the company aims to reach breakeven over the next 12 to 18 months, laying a solid foundation for long-term success.
Commenting on the company’s stellar performance, Akash Gupta, Co-Founder & CEO of Zypp Electric, expressed pride in the team’s achievement amid the evolving EV landscape. Gupta outlined ambitious plans for expansion, intending to increase the fleet to 100,000 vehicles in the next 12 to 18 months and eventually to 500,000 over the following 36 to 48 months, while prioritizing profitability alongside growth.
Zypp Electric has recently partnered with Porter Enterprises to provide reliable logistics solutions, further enhancing its service offerings. With its robust foundation, strategic expansions, advanced EV Fleet Management technology platform, and commitment to innovation, Zypp Electric is poised to reshape the last-mile delivery landscape and accelerate the transition towards a sustainable future.
