Zypp Electric’s FY23 revenue skyrockets to INR 125 crore, reports positive contribution margin business
- ByStartupStory | April 18, 2023
Indian EV-as-a-Service platform, Zypp Electric, has reported an impressive surge in its revenue from operations during the fiscal year ending March 2023. The company’s topline reached INR 125 crore, which is over 5 times the INR 21.47 crore reported in the previous year. Additionally, Zypp Electric also reported an average gross margin of 35%, with a positive contribution margin business.
Zypp Electric’s gig worker ecosystem includes delivery personnel from several prominent players in the Indian market, such as Zomato, Swiggy, Flipkart, and Dunzo. The company has powered over 100 million deliveries on electric vehicles, leading to a significant reduction of over 230 million kg of CO2 emissions.
The company’s total expenditure surged to INR 60 crore in FY23 from INR 37.65 crore in the previous year, primarily driven by the expansion of its fleet of electric vehicles and battery-swapping infrastructure to other Indian cities. Despite this, the company recorded a significant improvement in profitability, driven by the strong growth in revenue.
According to Akash Gupta, Co-founder and CEO of Zypp Electric, “Our focus on providing sustainable last-mile delivery solutions has helped us establish a strong position in the market. We are delighted to have achieved such significant growth in revenue and profitability during the fiscal year 2023. We remain committed to expanding our fleet of electric vehicles and battery-swapping infrastructure, and to further strengthen our position as a leading provider of sustainable last-mile delivery solutions in India.”
In November 2022, Zypp Electric had announced a strategic partnership with Taiwan-based battery-swapping platform Gogoro to accelerate last-mile deliveries in India. The companies have deployed 100 battery-swapping-enabled electric scooters in Delhi-NCR, along with six battery-swapping stations at Zypp hubs. The success of this partnership has prompted Zypp Electric to explore similar partnerships and collaborations to further strengthen its position in the market.
With the increasing focus on sustainability and the rising demand for electric vehicles in India, Zypp Electric is well-positioned to capitalize on these trends and emerge as a key player in the EV industry.
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