During this fiscal year, Zypp Electric expects its turnover to jump more than five times to around INR 25 crore. The Gurugram-based startup raised USD 7 million in a Series A round funding in September, indicating that investors are betting big on the Indian EV industry.

The company plans to expand to 100,000 EVs in the next 18 months in the top ten cities of India and currently has 5,000 EVs in Delhi/NCR region. The firm expects to grow 3x further as they expand to 100,000 EVs and hire 450-500 employees, largely in technology and operations and to scale up further EV adoption.

The company is looking to close FY22 at over INR 25 crore while the audited revenue of the company in FY21 was INR 5 crore.

“Super proud to share that our revenue has jumped more than 5 times to INR 25 crore this fiscal year, from INR 5 crore the year ago. Going by the current monthly run rate, the company expects to end the year at USD 6 mn ARR. We have created a smart platform that’s gaining popularity among B2B grocery and other hyperlocal delivery companies along with delivery executives who are wanting to go electric with our electric shared mobility platform,” said Akash Gupta, Co-founder & CEO of Zypp Electric.

“The best part is that business has a huge focus on driving the right unit economics and get positive contribution margin even as the scale grows 10x. I am very confident that we will remain the best and largest electric shared mobility option for the country as we scale to 100k EVs with our EV technology platform,” added Gupta.