DelhiDesk: Zip Electric, an electric transport startup, has set a target of adding 200,000 vehicles to its fleet in the next three years and will need $300m for expansion, according to CEO Akash Gupta. The company is planning to expand into new cities including Mumbai, Pune and Hyderabad, and has a target of achieving revenue of INR5bn ($66m) this year, up from INR1.25bn in 2019. Gupta said the company will not raise more funds as it recently completed Series-B financing, but added that there is a lot of scope for expansion in the business.
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👉 Electric transport startup Zip Electric aims to add 2 lakh vehicles to its fleet in the next three years.
👉 The company will require $300 million for expansion.
👉 Zip Electric plans to enter new cities like Mumbai, Pune and Hyderabad.
👉 The company has set a target of achieving a revenue of Rs 500 crore this year.
👉 Zip Electric currently has 13,500 vehicles and is looking for partnerships, technology and research and development to reach its target.
👉 Gupta, the CEO and founder of Zip Electric, estimates that it will take three years to reach the target fleet of 2 lakh units.
👉 Zip Electric provides services to companies such as Swiggy, Zomato, Amazon, Myntra, Delhivery and PharmEasy.
👉 The company is expanding in more markets and plans to go to Mumbai, Pune and Hyderabad.
👉 Zip Electric recently completed Series-B financing and will not raise more funds for now.
👉 There is a lot of scope for expansion in this business and the company will need $25 to 300 million in the next three to four years.
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