This Indian EV company plans to have 1 lakh vehicles on the road in 2022

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EV shared mobility platform, Zypp Electric has announced that it expects its turnover to grow five times to around Rs 25 crore during this financial year. In September this year, the Gurugram-based startup raised $7 million in a Series A round of funding. The company also plans to introduce 100,000 new electric vehicles on Indian roads, with the highest focus being on last-mile delivery requirements.

Zypp Electric was launched in 2017 to provide EV-based technologies to facilitate last-mile delivery. Last-mile delivery will be targeted at local businesses, e-commerce giants and other delivery executives. The company currently works with grocery, medicine, food and e-commerce players including BigBasket, Grofers, Amazon, Rapido, Flipkart, Spencer’s, Citymall, DealShare and others in cities like Delhi NCR, Bangalore, Hyderabad, Mumbai. and Pune.

The company currently has 5000 EVs in the Delhi/NCR region and plans to expand to 100,000 electric scooters across ten cities in the next 18 months. The company plans to employ 450-500 employees, mainly in technology and operations.

The company’s audited revenue in FY 2011 stood at Rs 5 crore and the company has announced that it intends to close FY 2012 at over Rs 25 crore.

“It is a matter of great pride to share that our revenue has grown more than 5 times to Rs 25 crore in this financial year from Rs 5 crore a year ago. As per the current monthly run rate, the company expects $6mn ARR at the end of the year. We have built a smart platform that is gaining popularity among B2B kirana and other hyperlocal delivery companies as well as delivery executives who want to go electric with our electric shared mobility platform. The best part is that there is a lot of focus on driving the right unit economics in the business and achieving positive contribution margin even when the scale grows 10 times. I am confident that we are and will continue to be the best and largest electric shared mobility option for the country as we scale to 100k EVs with our EV technology platform,” said Akash Gupta, Co-Founder & amp; CEO of Zip Electric.

The post This Indian EV company plans to bring 1 lakh vehicles on the road in 2022 appeared first on BGR India.

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