Zypp Electric operates an EV-as-a-service platform combining a rental fleet of electric two-wheelers with an app and software that provides data and analytics for fleet and delivery management. Its platform is used to make about 5 million deliveries per month and serves customers including Amazon, BigBasket, DHL, Uber, Swiggy, Zepto and Zomato. Gig-economy workers who rent e-bikes via daily, weekly or monthly subscriptions account for roughly 28% of Zypp’s revenue; electric three-wheelers contribute about 10% of revenue. The company currently operates roughly 22,000 electric two-wheelers (15,000 in Delhi, 5,000 in Bengaluru, 1,000 in Mumbai and 500 in Hyderabad) and plans to grow to 50,000 in the next year and 200,000 over the next two and a half years. Zypp plans international expansion, targeting a pilot launch in at least one Southeast Asian market (Indonesia, Thailand or the Philippines) early next year and aims to be in 15 markets over the next two years. The startup has shifted to deepening presence in existing cities rather than minimal new-city launches and has begun offering electric three-wheelers in Delhi and Bengaluru with expansion to Mumbai soon. Zypp says it is already operationally profitable and expects to be EBITA positive in six to eight months and profitable after taxes in 12 to 14 months. Zypp Electric provides EV-as-a-Service for last-mile logistics and shared mobility, leveraging electric scooters and related EV technology for B2B delivery and driver rentals. The company partners with large delivery platforms and reports over 10,000 gig workers using its ecosystem. Zypp says it has powered about 15 million deliveries and saved roughly 33 million kg of CO2 to date. It plans to scale its fleet from 10,000 to 200,000 electric vehicles and expand into 30 cities over the next three years. Proceeds will also be used to improve driver experience, infrastructure, fleet management and hiring. In FY22, Zypp’s revenue from operations rose to Rs 21.5 crore (from Rs 4.76 crore in FY21) while losses increased to Rs 15.3 crore (from Rs 6.81 crore in FY21).

Total raised

$40M

Funding rounds

3

Latest round

Series C

Latest activity

May 2024