Home / Auto News / This EV startup aims 5X growth in FY2022, to expand fleet
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Zypp Electric expects its turnover to jump more than five times to around 25 crore during this fiscal year. In September, the Gurugram-based startup raised $7 million in a Series A round funding indicating that investors are betting big on the Indian EV industry. The company currently works with grocery, medicines, food, and e-commerce companies in India like Bigbasket, Grofers, Amazon, Rapido, Flipkart, Spencers, Citymall, Dealshare, etc, in cities such as Delhi NCR, Bangalore, Hyderabad, Mumbai, and Pune.

The company currently has 5,000 EVs in Delhi/NCR region and plans to expand to 100,000 EVs in the next 18 months in top ten cities of India. To scale up further EV adoption, the firm expects to grow 3x further as they expand to 100,000 EVs and hire 450-500 employees, largely in technology and operations. 

The audited revenue of the company in FY21 was 5 crore and company is looking to close FY22 at over 25 crore. 

“Super proud to share that our revenue has jumped more than 5 times to 25 crore this fiscal year, from 5 crore the year ago. Going by the current monthly run rate, the company expects to end the year at $6mn ARR. We have created a smart platform that's gaining popularity among B2B grocery and other hyperlocal delivery companies along with delivery executives who are wanting to go electric with our electric shared mobility platform," said Akash Gupta, Co-Founder & CEO of Zypp Electric.

“The best part is that business has huge focus on driving the right unit economics and get positive contribution margin even as the scale grows 10x. I am very confident that we are and we will remain the best and largest electric shared mobility option for the country as we scale to 100k EVs with our EV technology platform," added Gupta.  

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