Zypp Electric, a Gurugram-based start-up, aims to electrify last-mile deliveries in India, offering electric two-wheeler fleets to ride-sharing companies and delivery companies like BigBasket, Flipkart, Tata 1mg, JioMart, Rapido, Swiggy, Zepto, and Zomato. The company is an OEM-agnostic firm, working with local EV manufacturers, such as Kinetic and Hero, to acquire e-bikes mostly on lease. These manufacturers tweak their bikes per the start-up’s requirements and put their green branding on top to deliver a unified feel and look.
Zypp Electric’s Cutting-Edge Operations and Services for the Future of Deliveries
Zypp Electric’s fleet customers get features such as dedicated backup rider support, rider tracking, a merchant panel, API integration, and multiple order support. The start-up also allows gig delivery workers to rent e-bikes through daily, weekly, or monthly subscriptions. As per the subscription, gig workers can access Zypp’s app which helps them maximize their earnings by showing them where to deliver, what to deliver, how to charge, and which bike to use.
Currently, gig workers account for only 20% of Zypp Electric’s revenue, while EV fleets take the remainder, according to the company’s co-founder and CEO, Akash Gupta. However, the start-up aims to increase that number and has promised that gig workers using their platform will see a 50% increase in savings compared to what they were saving using petrol bikes.
Bringing the Buzz to Bengaluru: Zypp Electric Deploys 2,000 Electric Scooters for Last-Mile Delivery
Zypp Electric recently announced that it has deployed 2,000 electric scooters in Bengaluru and onboarded 2,000 delivery executives to facilitate efficient last-mile delivery and boost employment opportunities in the gig economy. In addition, the company plans to integrate over 5,000 more riders with its service in the next two months and add 8,000 additional electric scooters to its fleet in the city. Zypp further plans to install over 100 Gorogro battery swapping stations at its Bengaluru hubs in the next 12-18 months.
Fueling Growth: Zypp Electric’s Funding from Gorogo through a strategic partnership
The start-up received a $25 million investment from Taiwan’s battery-swapping giant, Gogoro, to extend a strategic partnership between the two companies, signaling Gogoro’s continued interest in the Indian market. Zypp will use the funds to expand its numbers from 10,000 to 200,000 bikes and broaden its footprint to 30 Indian cities by December 2025.
Riding Towards Success: Zypp Electric’s Vision & Expansion Plans in India
As part of its expansion plans to serve 30 cities in India and grow its e-scooter fleet to 200,000 units by 2025, Zypp Electric has unveiled the deployment of 2,000 electric scooters in Bengaluru. The company recently secured $25 million in Series B funding, led by Gogoro and several new and existing investors, consisting of both equity and debt funding. The funding includes a $20 million equity round and $5 million debt financing from global impact fund IIX and a major national bank. This marks the first instance of global impact funds and Indian banks investing in EV debt for any start-up or fleet operator in the country.
Zooming Ahead: Zypp Electric’s Revenue and Profitability Surge with Prominent Partnerships.
Zypp Electric claims to have done 15 million deliveries, saving 33 million KG of CO2. According to Zypp, it has 10,000 gig workers. The start-up’s revenue for FY23 surged by over five times, reaching a staggering Rs 125 crore, due to its partnerships with prominent logistics firms, including DTDC, Blue Dart, Xpressbees, and Ecom Express, and delivery giants such as Swiggy, Zomato, and Zepto. Gupta anticipated the start-up would reach breakeven and become profitable by FY25. This is slightly later than his previous statement to Moneycontrol, where he indicated Zypp would start earning net profit.
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