Zypp Electric, a B2B delivery and shared mobility startup, reported a 4.5X growth in scale during FY22. The firm was expecting to breach the Rs 25 crore revenue mark in the fiscal year ending March 2022, but instead recorded around Rs 21 crore in revenue.
According to the annual financial statement with the Registrar of Companies, Zypp Electric’s revenue from operations increased 4.5X to Rs 21.47 crore during FY22 compared to Rs 4.76 crore in FY21.
Founded in 2017, the EV-as-a-Service platform provides electric vehicle renting services and delivery services through e-scooters across India. Over 10,000 gig workers with Zomato, Swiggy, Flipkart, and other firms use its ecosystem, and the company claims to have powered 15 million deliveries on electric vehicles while saving around 33 million KG Co2 so far.
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Zypp Electric’s operating income mostly came from delivery services, while the rest came from the vehicle rent and sale of products, collecting around 86% of its operating income from delivery services.
Additionally, the company earned Rs 88 lakh of non-operating income, including interest, taking its overall income to Rs 22.35 crore during FY22. The company’s total expenditure surged 3.3X to Rs 37.65 crore during FY22, while its annual losses jumped over two-folds to Rs 15.3 crore during the year.
Zypp Electric spent Rs 17.06 crore on payments to riders, accounting for 45.3% of the total expenses, and employee benefit expenses surged 2X to Rs 8.74 crore during FY22.
Zypp Electric incurred expenses of Rs 1.19 crore, Rs 82 lakh, and Rs 77 lakh on rent, legal, and promotional expenses, respectively, during FY22. On a unit level, the company spent Rs 1.75 to earn a rupee of operating income during the year.
The company entered into a strategic B2B partnership with Gogoro in November 2022 to accelerate last-mile deliveries in India, deploying 100 battery-swapping-enabled electric scooters in Delhi-NCR along with 6 battery-swapping stations at Zypp hubs.
Zypp Electric has raised a total of $37.5 million to date, including a $25 million worth Series B round led by Taiwan-based battery-swapping platform Gogoro in February 2023.
