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Electric fleet service provider Zypp Electric reported a 3X jump in its annual revenue as its fleet size increased and it expanded into more cities, including Hyderabad and Bengaluru.

Revenue for FY24 was Rs 353 crore, compared with Rs 115 crore earned in the preceding financial year, Zypp said.

The company added that it hit operational profitability in the financial year 2023-24.

Growth in its topline and bottomline was mainly led by a massive jump in its fleet size—from 11,000 last year to 20,000, as Zypp Electric expanded beyond Delhi-NCR.

Its three-wheeler cargo vehicles also saw traction in the financial year, with the fleet growing six times from February 2023.

“We intend to grow our current strength of 20,000 to around 100,000 vehicles in the next 12 to 18 months and then grow that to 500,000 over the following 36 to 48 months,” said Akash Gupta, Co-founder and CEO of Zypp Electric, in a press statement.

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EVs will make up half of the commercial logistics force by 2028: Zypp Electric Co-founder Akash Gupta

He added that the company hopes to break even in the next 12 to 18 months.

Zypp has tied up with several last-mile delivery companies—Porter being the most recent one—as well as food delivery services such as Zomato. Uber has also enlisted Zypp’s vehicles to expand its electric two-wheeler ride offering.

The startup has raised $37.5 million in funding to date in 11 rounds, as per data from Tracxn. Its investors include Gogoro, Anthill Ventures, Indian Angel Network Fund, Goodyear Ventures, and 9Unicorns, among others.