Zypp Electric

Company Overview

What Zypp Electric Does: Founded in 2017 and headquartered in Gurugram, India, Zypp Electric operates as an EV-as-a-Service platform. Its core focus is sustainable last-mile logistics, achieved by providing electric scooters on a rental or subscription basis primarily for delivery purposes.

Mission Zero Emission: The company's driving mission is to make India carbon-free by transitioning delivery fleets from combustion engines to electric vehicles. Zypp's platform supports both gig delivery workers and enterprise clients, facilitating eco-friendly delivery of groceries, food, medicines, and e-commerce packages.

Key Clients: Zypp serves major players in the food and e-commerce delivery space, counting companies like Swiggy, Zomato, and Amazon among its clientele. This impressive roster highlights Zypp's significant scale and growing reputation within the last-mile delivery sector.

Fleet Scale: The startup manages one of India's largest electric two-wheeler fleets dedicated to deliveries. By early 2025, Zypp had around 20,000 electric vehicles operational across Delhi-NCR and Bengaluru (up from 16,000 in late 2023). These EVs enable delivery personnel ("Zypp Pilots") to complete millions of orders monthly, positioning Zypp as a leader in India's electric last-mile logistics market. Its efficient scaling is supported by an asset-light model and strategic use of battery swapping technology.

Sources: ( EVreporter), ( Economic Times), ( Zypp Official), ( Tech in Asia)

Growth Metrics

• Explosive Revenue Growth: Zypp's top line has surged, nearly tripling in FY 2023-24 to roughly ₹325 crore (around $39-40M) from ₹109 crore the previous year. This rapid expansion, driven by the quick-commerce boom, represents over 10x growth from its FY21-22 revenue of ₹25 crore.
• Fleet and Delivery Volume: The platform handles approximately 5 million deliveries monthly (~60 million annually). As of early 2025, its fleet includes over 22,000 electric two-wheelers, expanding significantly from ~16,000 in late 2023. This fleet supports diverse uses, including food, grocery, e-commerce parcel delivery, and even electric bike-taxi services.
• Strong Enterprise Partnerships: Over 24 major enterprise clients, including Zomato, Swiggy, Zepto, Amazon, Flipkart, BlueDart, and Uber, utilize Zypp's services. These partnerships ensure high fleet utilization (over a third deployed just for food delivery) and suggest strong customer retention and potential for upselling, as evidenced by ongoing contract expansions.
• Positive Unit Economics: Zypp reports achieving operational profitability at the service level. The company highlights cost savings for its delivery partners (riders) compared to traditional fuel vehicles, which aids rider retention. While specific Net Revenue Retention (NRR) figures aren't public, the continued growth with major clients points towards healthy retention metrics.
• Workforce Scale: Supporting its multi-city operations, Zypp employed around 1,180 people as of March 2025 (after a recent optimization). This sizable team (excluding thousands of gig riders) has grown alongside the company's geographic and fleet expansion.

Sources: ( Economic Times), ( Entrackr), ( EVreporter), ( TechCrunch), ( Convergence Now), ( Inc42), ( Forbes India)

Exit Strategy & Liquidity Outlook

Eyeing the Public Markets: Zypp Electric appears firmly set on an Initial Public Offering (IPO) in the near term, with management openly discussing plans for a listing within the next year or so. Recent strategic moves, such as bringing in domestic financial institutions during its latest funding round, align with standard pre-IPO preparations in India to build a stable local shareholder base and meet listing requirements. Media reports frequently describe Zypp as "IPO-bound," noting recent cost optimization efforts as part of this preparation.

Valuation & Profitability Path: Following its May 2024 financing, Zypp was valued around ₹2,200 crore (~$270M). With ambitious revenue targets (aiming for ₹1,000+ Cr in FY25), speculation suggests Zypp might aim for a unicorn valuation (>$1B) at IPO, although no official target exists. Achieving its goal of EBITDA profitability by the time of listing will be crucial for attracting public market investors.

Liquidity for Stakeholders: The ongoing Series C round has offered some pre-IPO funding opportunities. While specific details on secondary sales or ESOP buybacks aren't public, the large number of investors participating in recent tranches might indicate some liquidity for existing shareholders or accommodation for new strategic partners. An IPO would provide a clear exit path for early backers like the Indian Angel Network and 9Unicorns after the standard lock-up period. There's little indication Zypp is considering a merger or acquisition; an IPO seems to be the preferred route given its growth and expansion ambitions.

Outlook Summary: Zypp's liquidity prospects look positive. It has secured substantial funding to bridge it to the public markets and seems well-timed to capitalize on its market leadership and impressive growth. While investor optimism is high regarding potential IPO returns based on its current valuation and revenue scale, success will depend heavily on market conditions and hitting profitability targets.

Sources: ( ET Tech), ( Convergence Now), ( Inc42), ( Economic Times), ( Entrackr)

Key Strengths

• Dominant Market Position: Zypp is widely regarded as India's leading EV-as-a-Service platform for last-mile delivery, boasting one of the largest operational electric fleets. This early leadership gives it a significant advantage in a rapidly growing market.
• Premier Client Portfolio: Securing contracts with top-tier companies like Zomato, Swiggy, Amazon, Flipkart, and Uber validates Zypp's service quality and reliability, building strong industry credibility.
• Exceptional Growth Velocity: The company has demonstrated impressive growth, expanding its revenue significantly (e.g., >10x in two years prior to FY24) and rapidly scaling its fleet size, proving high demand and effective execution.
• Strong Strategic & Financial Backing: Support from prominent investors like Gogoro, Goodyear Ventures, Shell Ventures, Google's startup program, ENEOS, and key Indian VCs (9Unicorns, IAN Fund) provides not just capital but also valuable industry expertise and partnerships.
• Efficient & Scalable Model: Zypp's asset-light approach, often utilizing leased vehicles and partner battery-swapping networks (like the IndianOil-SUN Mobility JV), combined with its technology platform for fleet management, enables rapid expansion without excessive capital expenditure.
• Favorable ESG & Regulatory Environment: The company's core mission ("Mission Zero Emission") aligns perfectly with the global push for sustainability and benefits from positive public sentiment and government policies encouraging EV adoption in commercial fleets.

Sources: ( EVreporter), ( Forbes India), ( IPO Central), ( TechCrunch)

Peer Benchmarks

Comparison: Zypp clearly leads its direct domestic peers in terms of valuation, fleet size, and revenue scale. Yulu, though significantly valued due to its consumer focus and strong backers (Bajaj, Magna), operates at a much smaller revenue scale (₹43 Cr vs. Zypp's ₹293 Cr in FY23/24). MoEVing focuses on B2B logistics with a smaller fleet and lower funding/valuation. Zypp's model, which integrates vehicles, technology, and operational services (including rider management), appears to command a premium and enable faster scaling compared to competitors focused primarily on vehicle provision (Yulu) or fleet management alone (MoEVing). Zypp's ambition for international expansion also sets it apart from these India-focused peers currently.

Sources: ( YourStory), ( TheKredible), ( Latka)

Founders

• Akash Gupta (Co-Founder & CEO): Driving Zypp's vision and strategy, Akash co-founded the company in 2017 (originally as Mobycy). He brings over 19 years of experience, including senior marketing roles at MobiKwik and Snapdeal, plus earlier stints at Airtel, Dell, and Infosys. An IMT Ghaziabad MBA and computer engineer, his leadership has been central to Zypp's rise as a leading EV logistics startup. ( Zypp Official)
• Rashi Agarwal (Co-Founder & CBO): As Chief Business Officer, Rashi leads business development and strategic partnerships. A co-founder alongside Akash, she has been crucial in building Zypp's impressive client roster. With over 10 years of experience and an IIM Kozhikode background, she previously worked at S&P Global and co-founded another startup ("LetsFlaunt"). Her strategic insight and network have been vital for securing major B2B deals. ( Zypp Official)
• Tushar Mehta (Co-Founder & COO): Tushar heads operations and fleet management as Chief Operating Officer. Joining the founding team, he brought essential experience for scaling ground operations. With ~14 years under his belt and an MDI Gurgaon MBA, his prior roles at Ola, Cars24, and Mahindra's e-mobility division provided highly relevant expertise for managing a large vehicle fleet. Tushar's operational leadership ensures fleet efficiency and service reliability during rapid expansion. ( Zypp Official)

This founding team offers a strong combination of marketing leadership (Akash), business acumen (Rashi), and operational expertise (Tushar). Their collective experience and public advocacy for EV adoption in India have significantly benefited Zypp's growth and brand visibility. All three remain actively involved in leading the company.

Sources: ( Zypp Official), ( Entrackr), ( Convergence Now), ( Entrepreneur India)

Investors & Round History

Employee Count & Offices

Team Size: Following a recent optimization aimed at efficiency ahead of its IPO, Zypp Electric employed approximately 1,180 people as of March 2025 (down from ~1,300 earlier in the year). This core team includes corporate staff, engineers, and crucial operations personnel managing the expanding fleet. It's important to note this count excludes the thousands of delivery riders ("pilots") who operate on a contractual basis.

Office Network:

• Headquarters: Located in Gurugram, Haryana (part of the Delhi-NCR region).
• Operational Hubs: Zypp maintains significant operational presence and likely regional offices/hubs in key markets including Delhi-NCR, Bengaluru, Mumbai, and Hyderabad. These hubs manage local fleet logistics, maintenance, battery swapping coordination, and rider support.
• Expansion Plans: The company is actively expanding its footprint, with plans to establish operations and offices in additional cities like Chennai, Pune, Jaipur, and Ahmedabad as part of its goal to reach 15-20 cities nationally.

Workforce Model: Zypp operates a distributed workforce tailored to its business. The Gurugram HQ houses central management, technology, and support functions. City-level hubs are essential for on-the-ground logistics. The company fosters a culture blending tech innovation with the demands of physical operations. While the recent 10% workforce reduction indicates a focus on productivity, Zypp states it continues to invest in key talent to support its growth trajectory.

Sources: ( Inc42), ( TechCrunch), ( Convergence Now)

Risks to Consider

• Intensifying Competition: The last-mile EV delivery market is attracting significant attention and investment. Rivals like Yulu (backed by major players) and MoEVing are actively competing, and new entrants continue to emerge. Established logistics giants could also increase their EV focus, potentially squeezing margins or slowing Zypp's growth.
• Operational Complexity at Scale: Managing a rapidly growing fleet of tens (soon hundreds) of thousands of EVs and riders across multiple cities presents significant logistical challenges. Ensuring vehicle uptime, efficient battery swapping, rider reliability, and consistent service quality requires sophisticated operations and technology. Any significant lapses could damage client relationships and profitability.
• Client Concentration: While partnerships with major platforms are a strength, relying heavily on a few large clients (like Zomato and Swiggy, reportedly utilizing a large portion of the fleet) creates dependency risk. Changes in strategy or pricing pressure from these key clients could significantly impact Zypp's business. Diversification remains important.
• Regulatory Dynamics: Although current policies favor EV adoption, future regulatory changes could pose risks. Shifts in EV subsidies, stricter battery safety standards, or new labor laws impacting gig workers could increase operational costs or require significant adjustments. Delays in government support for charging infrastructure could also affect expansion plans.
• Path to Profitability: Zypp's rapid growth has been accompanied by substantial expenses and net losses (spending ₹1.34 to earn ₹1 in FY24). Achieving sustained profitability, particularly EBITDA positivity as targeted for FY25, is critical for investor confidence and a successful IPO. Failure to control burn rate could lead to cash flow issues or unfavorable funding terms.
• Technology & Data Security: As a tech platform managing vehicles, riders, and client data, Zypp is vulnerable to software failures, data breaches, or cyberattacks. Maintaining robust and secure IT systems is crucial for operational continuity and maintaining trust, especially during expansion.

Sources: ( Convergence Now), ( Entrackr), ( Forbes India), ( YourStory)

Press & Public Sentiment

Largely Positive Media Narrative: Zypp Electric generally receives favorable press coverage, often highlighting its rapid expansion, leadership in EV logistics, and significant revenue growth. Outlets like Forbes India, TechCrunch, and The Economic Times have covered its funding rounds and business milestones with an optimistic tone, positioning it as a key player shaping the future of last-mile delivery in India.

Emphasis on Sustainability: The company's "Mission Zero Emission" and its achievement of millions of green deliveries frequently feature in media reports, aligning Zypp with positive environmental impact narratives. This focus on sustainability resonates well with the public and policymakers, enhancing its brand image.

Operational Scrutiny Exists: While mostly positive, some reports have touched on challenges. Recent layoffs aimed at improving efficiency ahead of a potential IPO received coverage. Additionally, specific reports (like one in Forbes India) have highlighted potential friction points with delivery riders regarding payments and communication, indicating areas needing careful management to maintain a positive reputation across all stakeholders.

Strong Client Perception: Sentiment among Zypp's B2B clients appears strong, evidenced by continued partnerships and expansions with major platforms like Zomato. Public statements from partners often praise Zypp's comprehensive solution (providing both vehicles and trained riders).

Overall Image: On balance, Zypp Electric enjoys a positive public image as an innovative, fast-growing startup tackling key urban challenges—pollution and delivery logistics. It's frequently cited as a success story in India's EV and startup ecosystem. While occasional reports touch on growing pains, the dominant narrative remains one of a potential "unicorn" driving meaningful change.

Sources: ( Forbes India), ( Inc42), ( IPOCentral), ( TechCrunch), ( Tech in Asia)