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Zypp: EV-as-a-service Platform
As India gets ready to take on the EV revolution, startups across the country are leaving no stone unturned to make this space a hub of activity
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Rashi Agarwal, Co-founder and CBO, Zypp Electric is one such entrepreneur. Agarwal loves to call herself a hustler, a fighter, a serial entrepreneur, an investor, a mother, an optimist, a go-getter who wants a lot from life. She spoke about her company and what to look forward to in 2023.
2022 has been touted as a tough year for startups. What were some of the challenges your company faced and how did you tackle these?
Zypp Electric is India's largest EV-as-a-service platform that caters to the last-mile delivery segment. Since our inception in 2017, there has been a huge paradigm shift in the last-mile delivery from petrol bikes to EVs. With the advances in technology and an ever-increasing demand for green energy, electric vehicles are quickly becoming the norm rather than the exception. While we have overcome a lot of challenges throughout these years, the biggest one still was in terms of supply of EVs from OEMs which has been resolved through diversification of OEMs. In the past few years, we have been able to make supply catch up quickly with demand and scale up our fleet quickly. In addition to hiring the right talent for the organisation, another key to success is selecting a suitable candidate from the huge pool of individuals. This can be a challenging task, but it's one that needs to be solved in order to achieve success.
How did 2022 pan out for Zypp Electric in terms of revenue targets?
The growth has not only been organic but also via strategic partnerships. As mentioned, 2022 was the growth year for Zypp Electric. Our ARR has grown from $1 million to $15 million in the last 18 months. We have added more than 7,000+ fleets in the last year and are growing our revenue at 20 per cent MoM. We are looking to cross the 100 crore revenue mark easily in FY2023.
What are your expectations from 2023? Will some of the growth drivers kick in again or will it continue to be a cautious year as well?
We have increased our fleet size from 700 to 8,000+ in the last year. We have more than 300+ employees onto our roster, and we continue to expand at a rapid pace. We cater to the Delhi-NCR region and Bangalore, with facilities located throughout the city. Zypp is the largest provider of EV+Driver service to ecommerce and food delivery companies which will boost the company's growth in 2023. We have recently launched in Bengaluru and are looking to launch in Jaipur and Mumbai in next coming months. We are looking for potential partnerships who can help us expand our business in their city. Technology is a big part of Zypp Electric and we will continue to invest in technology first.
What were some of the things you had to do differently in 2022 especially given some of the external challenges in the year that ranged from founder troubles to restrained investment and large-scale layoffs?
We feel that though scale is very important for any startup, it is also equally important to think of profitability as a growth lever for the company. The more profitable you are, the less money you need to raise in order to scale successfully. Hence, while we focus a lot on growth, at the same time we also try to build a sustainable and profitable business. After years of hard work and dedication, we have reached our goal. We feel proud to say that we are EBITDA positive. We believe that this is one of the most important milestones in Zypp Electric's life cycle.