Zypp Electric, an EV two-wheeler business situated in Delhi NCR, saw a 2.7X increase in operational revenue in the fiscal year that concluded on March 31, 2024. Revenue for the startup founded by Akash Gupta reached INR 292.7 Cr in FY24, a 168% increase over INR 109.1 Cr in the prior fiscal year.
By leasing its two-wheeler EVs to delivery executives of e-commerce businesses, the startup makes money. Among other companies, Zypp Electric collaborates closely with Swiggy, Zomato, and BigBasket.
Its overall revenue increased from INR 111.5 Cr in the previous fiscal year to INR 302.6 Cr in FY24 when other income was taken into account.
Zypp Electric, which was founded in 2017 by Gupta and Rashi Agarwal, supplies e-scooters for last-mile deliveries to nearby retailers and online retailers. Among its customers are companies like Swiggy, Zepto, Flipkart, Rapido, Blinkit, Zomato, Uber, and Amazon.
The startup’s net loss increased 125% to INR 91.1 Cr in FY24 from INR 40 Cr the year before, despite the rise in its top line.
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