New Delhi: Zypp Electric, a startup electric mobility services provider, has ambitious plans for expansion, as stated by its CEO and Co-founder, Akash Gupta. The company aims to deploy 200,000 vehicles in its fleet over the next three years and estimates that it will need up to USD 300 million to support its growth.
In addition to its current presence in Delhi-NCR and Bengaluru, Zypp Electric intends to extend its operations to other major cities such as Mumbai, Pune, and Hyderabad. By expanding into these cities, the company hopes to achieve a significant revenue increase from INR 125 crore last year to INR 500 crore this year.
Zypp Electric presently serves as a reliable support system for various eCommerce and food/grocery delivery providers, including Swiggy, Zomato, Amazon, Myntra, Delhivery, and PharmEasy. By providing electric mobility solutions, Zypp Electric contributes to the efficient and sustainable transportation of goods in the delivery ecosystem.
The company has already made substantial progress in securing funds for its expansion plans. In February of this year, Zypp Electric successfully raised USD 25 million in a series B fundraising round, with the participation of leading Taiwanese battery-swapping service provider, Gogoro.
With its recent funding and a successful financial year, where it generated INR 125 crore in revenue, Zypp Electric is optimistic about its future performance. The company is confident that it will achieve its revenue target of INR 500 crore for the current year.
Overall, Zypp Electric’s vision for the future, supported by its planned fleet expansion and financial requirements, demonstrates its commitment to revolutionizing electric mobility services in India and contributing to a greener and more sustainable future.
