Zip Electric will have 2 lakh vehicles in its fleet, the company will spend $ 300 million on expansion

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Electric transport startup Zip Electric has set a target of adding 2 lakh vehicles to its fleet in the next three years. The company will need $300 million for expansion. The company’s Chief Executive Officer (CEO) and founder Akash Gupta has given this information. The company is planning to enter new cities like Mumbai, Pune and Hyderabad. The company has a target of achieving a revenue of Rs 500 crore this year. Last year the company’s revenue was Rs 125 crore. Gupta said- We currently have 13,500 vehicles. We are trying to see how fast we can reach 2,00,000. For this we are doing partnership, we are making technology, we are making team for research and development. We’re doing this in several markets. When asked how long it would take to reach a fleet of 2 lakh units, he said it would take three years.

Lots of scope for expansion in business

Zip provides services to e-commerce and food and grocery companies such as Swiggy, Zomato, Amazon, Myntra, Delhivery and PharmEasy. The company currently has its presence in Delhi-NCR and Bengaluru. Gupta said- We are expanding in more markets. We are planning to go to markets like Mumbai then Pune, Hyderabad. When asked about financing, he said that the company will not raise more funds as of now. The company has recently completed Series-B financing. However, he said, there is a lot of scope for expansion in this business. In the next three to four years, the company will need $ 25 to 300 million.

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