B2B delivery and shared mobility startup, Zypp Electric had expected to breach Rs 25 crore revenue mark during fiscal year ending March 2022, however, the firm fell a bit short and recorded around Rs 21 crore in topline during the period.
Zypp Electric’s revenue from operations ramped up 4.5X to Rs 21.47 crore during the fiscal year ending March 2022 as compared to Rs 4.76 crore in FY21, according to the annual financial statement with the Registrar of Companies.
Founded in 2017, Zypp Electric is an EV-as-a-Service platform which provides electric vehicle renting services along with delivery services through its e-scooters across the country.
Over 10,000 gig workers with Zomato, Swiggy, Flipkart, Myntra, Zepto, Blinkit, Dunzo, BigBasket, Uber, Rapido, PharmEasy, Tata 1mg, Delhivery, and JioMart use its ecosystem. The firm claims to power 15 million deliveries on electric vehicles while saving around 33 million KG Co2 till now.
Zypp Electric collected around 86% of its operating income from delivery services while the rest came from the vehicle rent and sale of products. The company also earned Rs 88 lakh of non-operating income (including interest) which took its overall income to Rs 22.35 crore during FY22.
With the rising scale, total expenditure of the company surged 3.3X to Rs 37.65 crore during FY22 from Rs 11.54 crore in FY21, while its annual losses jumped over two-folds to Rs 15.3 crore during the year against Rs 6.81 crore in FY21.
The growth in scale can also be evident from payments to riders which accounted for 45.3% of the total expenses. These expenses shot up 5.5X to Rs 17.06 crore during FY22 from Rs 3.1 crore in FY21. Employee benefit expenses also surged 2X to Rs 8.74 crore during FY22 from Rs 4.22 crore in FY21.
The company also incurred 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.
In November 2022, Gogoro and Zypp announced a strategic B2B partnership to accelerate the last mile deliveries in India. Under the pilot program, Zypp and Gogoro are 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 $37.5 million ($30 million equity and $7.5 million debt) to date including a $25 million worth Series B round led by Taiwan-based battery-swapping platform Gogoro in February 2023.