Zypp Electric is a two-wheeler electric vehicle offering platform that announced a 168 percent increase in operational revenue to Rs 292.7 crore in FY24. The startup provides a mobile application that allows users to locate and rent scooters. The application allows users to rent electric vehicles. The rental services are the company’s primary source of revenue.
The firm also earns its income through partnerships with companies like Rapido and Uber. This increase is 3.2 times from Rs 28.8 crore in FY24. Inc42 reported. The company has secured over $75 million across multiple funding rounds since its inception, including $15 million raised during its series C funding round led by Indian Angel Network, ENOS Group, and other investors. The data intelligence platform tracxn posted a post-money valuation of the firm to be around 282 million USD.
Miscellaneous expenses increased by 181 percent and stood at Rs 274.1 core in FY24. The rent cost also increased by four times to Rs 27.3 crore in the same duration following the rental of more warehouses to store its vehicles. Zypp Electric recently raised $15 million from a new investor and Japanese Energy giant ENOS.
The Gurugram-based startup posted a total revenue of Rs 302.6 crore in this financial year. The startup reported a 125 percent increase in its losses to Rs 91.1 crore in the same duration. Meanwhile, employee costs saw a 112 percent increase to Rs 46.5 crore in FY24. The startup plans to manage its losses by controlling its operating expenses and employee benefits. The company has 54 institutional investors, including ENOS group, Indian Angel Network Fund, and Gogoro.
The company intends to manage its losses for this financial year. The company reported total net losses of Rs 91.91 crore for this financial year. The total expenditure increased by 160 percent to Rs 394 crore in FY24. Zypp Electric faces competition from other electric vehicle renting platforms such as Euler Motors, Yulu, Zen Mobility, and Evify.
The startup offers more than 20,000 electric vehicles through its online platform across India. The company entered into the three-wheeler electric vehicle market last year to strengthen its market presence in the EV sector. The company currently has over 750 three-wheeler electric vehicles.
Conclusion:
The two-wheeler electric vehicle renting platform announced a 2.7 times increase in its operational revenue to Rs 292.7 crore in FY24. The online platform allows users to find and rent two-wheeler electric vehicles. The firm allows users to list and locate their electric vehicles on the platform. The rental services are the firm’s primary source of revenue.
The loss also increased by 125 percent to Rs 91.1 crore in FY24. The total expenditure of the firm increased by 160 percent and crossed Rs 394 crore in the same duration. The company plans to minimize its loss and improve its services. The company has secured over 75 million USD across multiple funding rounds to date.
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