The company said in a statement that its audited revenue in the last fiscal was INR 5 crore
Expecting a five-fold jump in turnover, Zypp Electric is set to close this fiscal at over INR 25 crore while it plans to deploy one lakh electric vehicles in 2022.
The company said in a statement that its audited revenue in the last fiscal was INR 5 crore.
The company converted more than 1.1 million shipments from internal combustion engines to electric in the previous fiscal with plans in place to do four million pollution-free deliveries by March 2022. In addition, the core team has grown three times in the last one year to 150 members from 50, it said.
The company currently has 5,000 electric vehicles (EVs) in the Delhi-NCR region and plans to expand to one lakh EVs in the next 18 months in the top-10 cities of India.
It added that to scale up further EV adoption, the firm expects to grow three times further as they expand to one lakh EVs and hire 450-500 employees, largely in technology and operations.
Zypp Electric co-founder CEO Akash Gupta said, “Our revenue has jumped more than five times to Rs 25 crore this fiscal year, from INR 5 crore the year ago. Going by the current monthly run rate, the company expects to end the year at USD 6 million ARR (annual recurring revenue).”
The Gurugram-based start-up raised USD 7 million in Series-A funding round earlier in September this year.
Launched in 2017, the company currently works with top grocery, medicines, food, and e-commerce players and other quick commerce companies in cities such as Delhi-NCR, Bengaluru, Hyderabad, Mumbai and Pune.
