Tech-enabled EV-as-a-service platform, Zypp Electric reported a threefold increase in its revenue for FY24, amounting to a 396% compound annual growth rate (CAGR) compared to its previous years.
In addition to the revenue surge, Zypp Electric achieved operational profitability in FY24. The company expanded its operations by launching in Mumbai and Hyderabad, further solidifying its presence in major metropolitan areas across India.
Zypp Electric has demonstrated its dedication to sustainable logistics and mobility platforms by deploying over 20,000 e-scooters throughout the country and collaborations with various sectors such as quick-commerce, food delivery, and e-commerce that enabled the company to facilitate over 45 million shipment deliveries via electric vehicles, resulting in a significant reduction of 29 million kilograms of carbon emissions.
The company’s growth drivers include its focus on technology encompassing the entire EV ecosystem, strategic market expansions, and diversification into the three-wheeler cargo business.
Commenting on the company’s performance, Akash Gupta, Co-Founder & CEO of Zypp Electric, expressed pride in the team’s achievements and outlined plans for further expansion. The company aims to reach breakeven within the next 12 to 18 months while continuing its trajectory of growth and sustainability.
