India, one of the low budget electric two wheelers manufacturing startup Zapp Electric is going to introduce 2 lakh e-scooter in the next three years for delivery services. For this, the company will invest $300 million for expansion of its company in India in various cities like Mumbai, Pune, Hyderabad and more.
The company CEO and co-founder, Akash Gupta said,” After great success, we want to expand our business in other cities like Mumbai, Pune, Hyderabad. Last year we earned Rs 125 crore revenues and this year we are expecting Rs 500 crore revenues after this expansion.”
” Already our company is well established. More than 13,500 electric scooters are running in India. How fast we can get to 2,00,000 is what we have to go for. For expansion, we partner with different companies, we are building our own R&D team and to do this in multiple markets.”
The company official added,” we want to capture the big cities like Mumbai, Pune, Hyderabad and there is a lot of potential.”
” Our company needs expansion as well as a big fund today. The company immediately needs more than $250-300 million of capital.”
In February the company raised $ 25 million money from Taiwan based battery swapping company Gogoro.
On whether Zapp would look beyond the core electric two wheelers to expand its last-mile delivery fleet, he said,” we are open to all kinds of form factors. We already have a few electric three wheelers in India. About 250 watts that we are operating. Whenever there more demand we can add more form factors in our business.”