In the fast-evolving world of electric vehicles (EVs), few stories capture the spirit of resilience and vision like that of Zypp Electric. What started as a bike rental service is now a trailblazing EV-as-a-service company worth ₹300 crore in operating revenue, driving green last-mile mobility across India.
This article traces Zypp’s journey from a Shark Tank rejection to becoming a leader in India’s EV landscape.
A Bold Pivot: From Dockless Bikes to EVs
Zypp Electric, founded in 2017 by Akash Gupta and Rashi Agarwal, initially offered a dockless bike rental service. But as the Indian market evolved and the need for sustainable solutions intensified, Zypp made a pivotal shift to electric vehicles in 2019, focusing on last-mile delivery.
- Timing Is Everything: During the pandemic, when traditional transportation was hit hard, Zypp’s fleet of EVs became indispensable for e-commerce deliveries. This pivot allowed the company to stay ahead of the curve, catering to the growing demand for eco-friendly deliveries.
Scaling Smart: Operational Efficiency and Cost Savings
Electric vehicles offered Zypp not only an environmentally friendly edge but also significant cost savings over conventional vehicles. While petrol two-wheelers run at approximately ₹2.5/km, EVs operate at just ₹0.25/km, making Zypp a cost-effective partner for major clients like Swiggy, Zomato, Amazon, and Blinkit.
- Fleet Size and Reach: Today, Zypp has expanded to over 23,000 EVs across six cities, completing more than 1,70,000 deliveries daily.
- Environmental Impact: Zypp’s EV fleet has reduced carbon emissions by 5,00,000 kg monthly—equivalent to planting 3.12 lakh trees annually.
Empowering Gig Workers and Supporting Local Economies
Beyond its business growth, Zypp’s model has provided new economic opportunities for gig workers. By enabling delivery partners to earn up to ₹50,000/month, Zypp has positively impacted livelihoods and supported families, especially those from Tier-2 and Tier-3 cities.
- Social Impact: Zypp’s EV model has proven financially rewarding for thousands of delivery personnel, offering sustainable income and financial independence.
Growth Milestones and Financial Strength
After initially facing a setback on Shark Tank, Zypp’s story became one of perseverance. The company achieved a 2.7x increase in revenue in FY24, reaching ₹292.7 crore, largely due to its strategic partnerships and service expansion.
- Funding and Expansion: With total funding of $75 million, including recent investments from ENEOS and Gogoro, Zypp is now expanding its offerings into cargo EVs with a goal of 100,000 EVs in the next two years.
Why Zypp’s Story Matters for India’s EV Ecosystem
Zypp’s success story is a testament to India’s growing EV industry, projected to reach $110 billion by 2029. By providing affordable, efficient EV solutions, Zypp is setting a standard for other startups in the sector.
- Future Plans: Zypp is now eyeing expansion into new cities and increasing its fleet size to meet the rising demand for EVs in the logistics sector.
Conclusion: Leading the Charge Toward a Greener India
Zypp Electric’s journey is an inspiring case study in resilience, adaptability, and forward-thinking. What started as a vision for green mobility has now become a powerful movement in India’s EV landscape. As the company scales further, Zypp Electric’s journey from Shark Tank rejection to a ₹300 crore enterprise exemplifies the spirit of innovation shaping India’s future in sustainable transportation.
