Mr. Akash Gupta, CEO of Zypp Electric, shares insights on the company’s vision and rapid growth in last-mile electric mobility solutions. With a strategic focus on partnerships and sustainability, Zypp Electric aims to expand its EV fleet to 200,000 vehicles by 2026, marking a significant milestone in India’s electric mobility landscape.
Read the full interview here:
TimesTech: What is the vision behind Zypp Electric, and how has it evolved since its inception?
Mr. Akash: Climate change and increasing pollution have been pressing issues in India. As environmental concerns grew, we noticed a lack of practical solutions to reduce emissions. ICE vehicles are one of the major contributors to air pollution, and with the surging number of vehicles on the road, we took the initiative to make an impact in the transportation sector through electric vehicles. India’s electric mobility ecosystem was still nascent during that time, with underdeveloped OEM and financing ecosystems. We saw this as an opportunity to establish Zypp Electric.
In the initial years, we focused on finding product-market fit. We experimented with different business models like EV rentals, bike sharing, and deliveries to understand customer needs and identify the most significant pain points we could address. After two years of trial and error, we decided to solve the last-mile delivery problem with the EV-as-a-service platform. Since then, Zypp Electric has become a major player in enabling last-mile delivery and mobility through EVs. We have partnered with leading logistic companies like Blue Dart, Ecom Express, and DTDC, as well as delivery platforms like Zomato, Zepto, and Swiggy. With an asset-light model and a 20,000+ EV fleet across Delhi NCR and Bangalore, we enable 3.5 million+ deliveries every month while reducing emissions. We also provide employment opportunities to 2,000+ gig workers monthly.
TimesTech: Can you share insights into Zypp Electric’s current market presence and growth strategy?
Mr. Akash: We’ve witnessed significant growth in recent years. Our fleet has expanded five times, and we have around 19,000+ riders at present. Also, the revenue growth has kept pace, as we registered Rs 125 crore in FY23, a five-fold increase versus Rs 25 crore in FY21.
Over the years, associations with food, grocery, and e-commerce companies have been a key driver of our growth. We now serve 24 leading companies with our instant delivery and e-commerce-focused services, including Swiggy, Zomato, Zepto, Amazon, Flipkart, BluDart, Uber, Rapido, and more. Our all-electric fleets are the preferred choice for sustainable last-mile logistics. Moreover, we take pride in our positive impact – with 20,000 EVs actively avoiding tons of emissions while meeting client and driver needs daily. As a homegrown startup, we are playing a seminal role in enabling India’s promising EV ecosystem.
Looking ahead, we are optimistic about the opportunities as urban logistics grows exponentially. We target adding 100,000 vehicles within 18 months to boost both revenues and our sustainability contribution. Our growth priority remains simple – leverage technology to maximize value for partners and drivers while accelerating EVs across India’s roads. We focus on meeting the needs of clients as well as drivers by improving last-mile logistics capabilities for a diverse range of businesses.
TimesTech: How does Zypp Electric ensure the reliability of its battery-swapping infrastructure?
Mr. Akash: A reliable battery-swapping infrastructure is crucial for smooth EV adoption. That’s why we have taken concrete steps to build a robust and hassle-free battery-swapping ecosystem. Our partnership with Gogoro brings proven battery-swapping technology to India that minimizes vehicle downtime. Their innovative battery packs can be swapped in just 6 seconds, enabling continuous operations. We have also joined forces with Zomato to deploy 100,000 e-scooters by 2024, with over 10 million deliveries via our EVs targeted.
Additionally, we provide free initial battery swaps and nominal subsequent charging rates at our extensive charging station network. This way, gig workers can go the extra mile for their deliveries, which helps them earn more through our partners like Amazon, Zomato, Uber, Rapido, etc. Overall, we are enhancing EV accessibility for gig workers, which boosts their income. This makes EVs highly viable for gig workers to maximize deliveries and earnings through partners like Amazon and Swiggy.
TimesTech: How does Zypp Electric stay ahead in terms of innovation and adapting to emerging technologies?
Mr. Akash: Innovation and adapting to emerging technologies are core to our strategy of providing sustainable, technology-driven mobility solutions. As India’s largest EV fleet operator, we leverage cutting-edge technologies like AI/ML, IoT, and advanced analytics across the value chain. Our full-stack SaaS platform enables real-time monitoring and optimization of thousands of EVs via data-driven insights.
We pioneered innovative features like motor locks for enhanced security and a battery management system that optimizes battery health and longevity. Our tech suite aids in informed decision-making on vehicle allocation, battery swapping needs, and predictive maintenance.
Moreover, our platform is designed around end-user convenience, with client interfaces, fleet management tools, and analytics dashboards integrated seamlessly. We rely on the continual innovation mentality of a tech startup, yet we operate at the scale of an enterprise. It is this fusion that enables us to rapidly expand our fleet while delivering operational efficiencies.
TimesTech: What steps does Zypp Electric take to enhance the overall user experience for its riders/customers?
Mr. Akash: At Zypp Electric, enhancing the user experience for our riders and customers is a key priority. As an EV-as-a-service provider, we leverage technology to offer best-in-class solutions for sustainable last-mile logistics. At the core, we are enabling businesses to switch from conventional ICE vehicles to electric ones. This benefits both the environment and our business partners.
For our delivery partners, we aim to make life easier while enhancing their earnings. Our platform provides valuable earnings insights and a keyless on-off system for scooters. The token-based order allocation also improves the delivery experience. Moreover, the use of EVs and user-friendly apps reduces driver turnover.
For business customers, we enable real-time tracking of fleets and orders through our platform. This level of transparency and support improves last-mile operations and enables faster business growth. While riders benefit from the earning potential and convenience of EVs, businesses gain control and visibility to scale rapidly. This combination of sustainable mobility and technology is how we enhance experiences across the board.
TimesTech: Can you share any specific success stories or milestones that highlight Zypp Electric’s impact?
Mr. Akash: Our commitment to sustainable mobility has led to major milestones over the years. We currently operate in six cities and recently expanded in Mumbai, in addition to scaling in Bengaluru. Our Bengaluru fleet will cross 10,000 EVs soon. We are on the way to a target of 500,000 e-scooters in 3.5 years and an eventual valuation of over INR 10,000 crore. While we have the largest 2-wheeler fleet, we aim to grow our 3-wheeler segment through new hires, vehicles, and business partnerships.
We prioritize the welfare of our delivery partners by providing cost-effective, top-notch insurance. Their dedication drives our business, and we are working to improve their well-being. We recognize the need for an ecosystem approach to drive large-scale EV adoption. In 2021, we introduced the EVolve Innovation Challenge. The goal was to identify, support, and financially assist early-stage startups that could benefit from our collaboration. This initiative aligns well with India’s aim to transition to electric vehicles by 2030. Our EVolve initiative identifies and assists early-stage EV startups with funding and pilots. Having concluded a successful second season, we look forward to another. Through our continuous efforts, we remain committed to leading India’s promising EV landscape into the future.
TimesTech: Are there any notable partnerships or collaborations that Zypp Electric has formed with other companies or organizations. How does it contribute to Zypp Electric’s overall strategy?
Mr. Akash: Partnerships are critical to our strategy of accelerating electric mobility adoption. We have collaborated with key players to enhance services and rapidly expand our fleet. Our partnership with Lectrix adds 100,000 made-in-India two-wheelers. The Gogoro partnership brings proven battery-swapping technology to boost sustainability. Additionally, we will deploy 100,000 scooters for Zomato’s over 10 million deliveries by 2024.
In terms of geographic expansion, we have lined up new cities, including Hyderabad, Pune, Chennai, Jaipur, and Ahmedabad – with plans to launch in one new city every quarter. From a fleet perspective, we aim to grow from 20,000 vehicles currently to 100,000 in the next 12-18 months and eventually to 200,000 in 2 years. All our partnerships align closely with our ambition of exponential growth in sustainable last-mile deliveries powered by a rapidly expanding fleet over the coming years.
