'We Plan to Scale to 200k EVs in next 18 months': Zypp Electric
Can you share Zypp Electric's contribution to the e-mobility segment in India? What was your turnover in FY22, FY23, and expected growth in FY24?
At Zypp Electric, we take immense pride in our contribution to the burgeoning e-mobility segment in India. Our mission has been to accelerate the adoption of electric vehicles (EVs) and sustainable transportation solutions to combat the environmental challenges posed by traditional fossil-fuel-based vehicles. In FY22, Zypp Electric, with a turnover of Rs 25 crore, witnessed remarkable growth in FY23 where turnover reached Rs 125 crore. This growth was driven by our commitment to innovation, technology & process innovations, robust partnerships, and an unwavering focus on customer & driver satisfaction.
What are your plans for fiscal year 2023-24?
Looking ahead to FY24, we are poised for substantial growth again where we plan to scale from the current 15000 EVs to 200k EVs in the next 18 months. While I cannot disclose specific financial figures at this time, I can assure you that Zypp Electric is committed to maintaining a trajectory of strong financial performance. We are set to launch new, cutting-edge products and expand our presence across multiple cities in India, thus ensuring that more people have access to clean and efficient e-mobility solutions. Our dedication to sustainability, coupled with the increasing demand for eco-friendly transportation options, positions Zypp Electric for continued success in the years to come. We are excited about the future and remain committed to making a meaningful impact on the e-mobility landscape in India.
How has the Indian EV industry shaped up in the past three years? How does it relate to your own progress in these three years?
The Indian electric vehicle (EV) industry has undergone a remarkable transformation over the past three years. Over the past three years, we have seen significant growth in our operations, expanding our electric scooter-as-a-service for delivery to multiple cities, and forging strategic partnerships with various stakeholders, including government bodies and corporations. Our delivery partner base has grown substantially to 15000 daily actives, reflecting the increasing acceptance of EVs among the Indian logistics market. Additionally, we have invested heavily in technology and battery & process advancements, enhancing the range and efficiency of our electric scooters.
What role does Zypp Electric play in shaping the Indian EV market?
Zypp Electric is committed to reducing the carbon footprint and promoting eco-friendly mobility across the country. Our EV-as-a-Service model for last mile delivery offer an accessible and affordable mode of delivery solution to all large ecommerce, food, grocery, taxi & hyperlocal platforms, making EVs a practical choice as we deliver 3.6mn shipments every month now. We contribute to the EV market by expanding our presence into multiple cities, creating a robust charging/swapping infrastructure, and forging strategic partnerships with government agencies, businesses, and last-mile delivery services. Our innovative approach, coupled with a user-friendly experience & a solid team, is encouraging businesses to switch to electric at a rapid pace. Zypp is the frontrunner electrifying last mile delivery in India with the largest deployed fleet for this segment of 15k and we’re committed to expand to 200k EV fleet solving the customer pain of high churn and driver pain of lower savings.
Why do you feel the electrification of fleets can lead to strengthening the EV momentum in India? What are the challenges and opportunities on the road to e-mobility?
The electrification of fleets in India holds immense potential to bolster the electric vehicle (EV) momentum in our country. First and foremost, fleet electrification addresses the critical issue of problem of climate change & pollution. When businesses adopt electric vehicles in their fleets, it sends a strong signal that EVs are a practical and reliable choice for transportation, ultimately boosting consumer confidence in EVs, also contributing to their ESG goals. Moreover, the economies of scale that fleet electrification offers can significantly reduce the total cost of ownership for EVs, making them more attractive to both businesses and individual consumers. This cost-effectiveness is a powerful driver for EV adoption.
In terms of infrastructure, how is Zypp Electric working to enhance the charging and maintenance facilities for electric scooters to make EV adoption more convenient?
We are dedicated to facilitating the widespread adoption of electric scooters as part of the broader shift towards sustainable transportation. A key pillar of this mission is to improve the charging and maintenance infrastructure, ensuring that EV adoption is not only viable but also exceptionally convenient. We are rapidly expanding our charging/swapping infrastructure partnerships by deploying a network of strategically located stations across key demand centers. These stations are easily accessible to Zypp electric driver partners, minimizing range anxiety and ensuring that they can conveniently charge their vehicles whenever needed to maximize their daily deliveries.
