Zypp Electric, a leading player in B2B delivery and shared mobility, reported a revenue of Rs 303 crore for FY24, marking a significant leap forward. This growth came on the heels of a $14 million fundraising round, driven by the increasing demand in quick commerce and food delivery sectors. The Gurugram-based startup saw its overall scale grow 2.6X during the fiscal year ending in March 2024.
As per financial filings with the Registrar of Companies, Zypp Electric’s operational revenue skyrocketed to Rs 293 crore in FY24, compared to Rs 109 crore in FY23.
Founded in 2017 by Akash Gupta and Rashi Agrawal, Zypp Electric operates an EV-as-a-service platform, offering electric vehicle rentals alongside delivery services using its e-scooter fleet. The company has a fleet of around 22,000 active vehicles, with a significant presence in Delhi NCR (15,000 vehicles), Bengaluru (4,000), and Mumbai (1,200). Its primary revenue stream comes from vehicle rentals and delivery services, although a detailed breakdown for FY24 remains undisclosed. In FY23, delivery services accounted for 76% of revenue, while vehicle rentals contributed the rest. Additionally, Zypp offers advertising space on its scooters and helmets, though this hasn’t yet generated significant income.
Zypp Electric’s rapid expansion also resulted in a steep rise in expenses. The company’s total expenditure surged 2.6X, reaching Rs 394 crore in FY24, compared to Rs 152 crore the previous year. Employee benefits and rent-related costs saw increases of 2.1X and 3.9X, respectively.
Though the company did not disclose a detailed breakdown of its FY24 expenses, Rs 274 crore was listed under miscellaneous, which likely covers rider payments, legal fees, advertising, and other operational costs.