India’s leading EV rental and fleet management platform, Zypp Electric, appoints Mukesh Singla as its new Chief Financial Officer (CFO) effective 1 August 2025. This comes at a critical time for the company, which has just reported 50% YoY revenue growth to INR 455 crore in FY25 and is getting close to profitability.
Zypp Electric Leadership Appointment
Mukesh Singla has over 25 years of experience in finance, strategy and operations across fintech, telecom, media and manufacturing. He joins Zypp from Airtel Africa – Mobile Money where he was CFO and played a key role in doubling revenues, improving margins and carving out Airtel Money into an independent entity. Zypp aims to leverage this experience as it prepares for aggressive scaling and potential IPO listing in the next 2 years.
His responsibilities at Zypp will include financial strategy, operations, fundraising, investor relations and compliance and will directly support the company’s growth and sustainability roadmap.
Zypp’s Growth
Founded in 2017 by Akash Gupta, Rashi Agarwal and Tushar Mehta, Zypp Electric has become a key player in India’s EV ecosystem. The company now has 20,000+ EVs, has done 10 crore deliveries, and nearly half of that is in the quick commerce segment.
In FY25, Zypp’s revenue grew from INR 302 crore to INR 455 crore, driven by fleet expansion and a stronger focus on technology upgrades, vehicle quality improvements and operational standardisation. With operations in Delhi NCR, Bengaluru, Mumbai and other cities, Zypp is looking to be EBITDA breakeven in the next 1-2 quarters, which will be a big milestone before its Zypp Electric IPO.
Operational Highlights
- Fleet Expansion:
- Delhi NCR: +16% to 12,000+ vehicles
- Bengaluru: +31% to 5,000+ vehicles
- Mumbai: Launched FY25, now 2,400 active EVs
- Three-wheeler fleet crossed 900 EVs, serving last-mile logistics*
- Delivery Milestone: Quick commerce accounted for 47% of deliveries in FY25, up from 30% last year.
- Ecosystem Enablement: Zypp has enabled over 1.2 lakh gig delivery partners with daily rental EVs with battery swapping and technician services.
- Profitability Push: Workforce rationalisation (~10% cut) and cost efficiencies are being implemented as Zypp focuses on profitability, along with scale
Investor Backing and Future Plans
Zypp has attracted significant interest from global investors. In early 2025, it raised USD 15 million from Japanese energy giant Eneos, following earlier commitments from Tribe Capital and Nuvama Wealth. These fundraises valued the company at approximately USD 280–290 million (~INR 2,557 crore), underscoring its market position and growth prospects.
CEO Akash Gupta emphasised that Singla’s appointment aligns perfectly with Zypp’s next phase: “Mukesh’s track record in building scalable and profitable business models across global markets makes him the right choice to guide our next phase of expansion.”
Singla, in turn, expressed enthusiasm for joining the EV disruptor: “I am excited to join Zypp Electric at this pivotal moment in India’s EV revolution. I look forward to building robust financial foundations to support our growth and deliver long-term value.”
Outlook
As Zypp Electric appoints Mukesh Single as CFO, the company now targets financial discipline under his leadership, fleet expansion, and fundraising. Zypp Electric is positioning itself as one of India’s most promising EV fleet management companies. The convergence of sustainable mobility, quick commerce demand, and capital market readiness makes Zypp’s journey particularly compelling to watch as it accelerates toward a 1,00,000-vehicle fleet target within the next 12–18 months.
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