Gurugram-based electric vehicles (EV) logistics player Zypp Electric, founded in 2017, has been working towards creating an EV ecosystem in India. The startup claims to have completed more than three million deliveries in this financial year.
For Akash Gupta, Co-founder and CEO, Zypp Electric, the Union Budget 2022 has brought good news.
“Talking about battery swapping standards and creating interoperability between different batteries, that’s a step in the right direction,” he says in a conversation with YourStory’s Daily Dispatch.
He mentions that the last five months have been quite busy for the company as it has grown 6X as a business. This growth is due to a number of reasons — the rise of quick commerce and problems in the supply chain. The startup says it has been working closely with OEM partners to check if it can ramp up the supply to about 1,500 vehicles a month.
“We are now close to about 1000 vehicles onboarding a month and we would love to ramp it up to about 2000,” he says.
While talking about the roadmap for 2022, Akash says that the year is going to be a game changer for electric mobility as a segment. This is because a lot of governments are now pushing logistics to go 100 percent electric and specific initiatives being taken by state governments.
“For us the big focus area is to go from 5,000 EVs to 25,000 by December this year,” he says. Apart from increasing vehicle numbers, the startup is also focusing on expanding operations to Bengaluru, Hyderabad, Mumbai, Chennai, among others.
Zypp Electric also plans on building the right team for the company.
“One of the other things that we want to build is an entire EV ecosystem. We have made some forays into partnerships with the right OEMs, battery players, people into charging swapping space, drone deliveries etc,” says Akash.
In terms of investments, he shares that Zypp plans to invest close to $50-60 million in the business over the next 24-36 months. The startup recently closed its Series A round of funding in September 2021 which has helped it in their growth journey. However, it will be open to look at serious investments in the near future.
Lastly, in terms of revenue, Akash says that the company is clocking almost a $6 million ARR (Annual Recurring Revenue) and over the next three months they are expecting to be in the $10 million range. Over the next 12 months, the company has a target of $45-50 million in terms of ARR (annual recurring revenue).