Zypp Electric’s Revenue Zooms 2.7X, Nears INR 300 Cr Mark

Delhi NCR-based EV two-wheeler startup Zypp Electric’s operating revenue surged 2.7X in the financial year ended March 31, 2024. The Akash Gupta-led startup’s revenue stood at INR 292.7 Cr in FY24, up 168% from INR 109.1 Cr in the previous fiscal year.

The startup generates revenue by renting its two-wheeler EVs to delivery executives of ecommerce startups. Zypp Electric works closely with Swiggy, Zomato, BigBasket, among others.

Including other income, its total revenue jumped to INR 302.6 Cr in FY24 from INR 111.5 Cr in the previous fiscal year. 

Founded in 2017 by Gupta and Rashi Agarwal, Zypp Electric provides escooters to local merchants and ecommerce companies for last-mile deliveries. It counts the likes of Swiggy, Zepto, Flipkart, Rapido, Blinkit, Zomato, Uber, and Amazon among its clients.

Despite the increase in its top line, the startup’s net loss surged 125% to INR 91.1 Cr in FY24 from INR 40 Cr in the previous year.

Where Did Zypp Electric Spend?

In line with the increase in revenue from operations, total expenditure rose 160% to INR 394 Cr from INR 152 Cr in FY23. 

Employee Benefit Expenditure: The startup’s employee costs increased 112% to INR 46.5 Cr from INR 22 Cr in FY23.

Rent: The startup’s rent cost shot up over 4X to INR 27.3 Cr in FY24 from INR 6.5 Cr in the last year, indicating that it rented more warehouses to store its EVs. 

Miscellaneous Expenses: This was the biggest expense for the startup, clubbing multiple expenses. It rose 181% to INR 274.1 Cr from INR 97.5 Cr in FY23. Zypp Electric did not give a breakup of these expenses.

Zypp Electric claims to have a fleet of over 20,000 EVs and is operational in Delhi NCR, Bengaluru. It also forayed into Hyderabad and Mumbai last year. 

To further increase its presence, Zypp Electric forayed into the cargo three-wheeler space in 2023 and claims to have over 750 three-wheeler EVs. 

Earlier this year, Inc42 exclusively reported that the startup raised $15 Mn from Japanese energy giant ENEOS. This was ENEOS first investment in an Indian startup. 

Zypp Electric has raised around $75 Mn in multiple funding rounds till date and counts Gogoro, Venture Catalysts, LetsVenture, IAN, Ivy Growth, We Founder Circle, among others, as its backers. 

It competes against the likes of Yulu, Euler Motors, EMotrad, Zen Mobility, among others.

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