Gurugram-based Zypp Electric proved the Sharks wrong by growing from fewer than 2,000 EVs to over 21,000 and achieving a valuation of more than ₹3,000 crore. The company initially sought ₹2.2 crore for 1% equity at a ₹220 crore valuation on Shark Tank India, but failed to secure investment. Co-founders Akash Gupta and Rashi Agarwal made a bold claim to scale to 10,000 scooters within six to eight months, which they achieved exactly as projected. According to reports from NDTV Profit, Gupta later admitted in a LinkedIn post that he had "got carried away" while making the ambitious promise, but the company successfully fulfilled its projection within the announced timeline.
Founded in 2017, Zypp Electric operates an EV-as-a-Service model instead of selling vehicles, leasing electric scooters and cargo vehicles to delivery partners and businesses. The company has grown from its initial fleet of fewer than 2,000 electric scooters to more than 21,000 vehicles, supporting deliveries for e-commerce, food, grocery and pharmacy businesses across multiple Indian cities. According to NDTV Profit, the model has benefited from India's booming quick commerce and last-mile delivery sector, where demand for electric fleets has accelerated in recent years. In 2025, the company introduced a Franchise-Owned, Company-Operated (FOCO) model to support its next phase of expansion, allowing individuals, family offices, high-net-worth investors and institutions to own Zypp-approved electric vehicles while the company manages deployment, maintenance and fleet operations.
The company's rapid scale-up is reflected in its financial performance, with Bycyshare Technologies reporting operating revenue of ₹437.9 crore in FY25, up nearly 50% from ₹292.7 crore in FY24. However, as reported by NDTV Profit, the company continued investing aggressively in expansion, resulting in a net loss widening to ₹107.5 crore from ₹89.6 crore a year earlier. Despite the increased losses, institutional investors showed strong confidence in the business model.
Despite the Shark Tank rejection, Zypp Electric has secured significant investor backing. According to startup data platform Tracxn, the company has raised $76.5 million from investors including Goodyear Ventures, Venture Catalysts, Indian Angel Network Fund, We Founder Circle, 100Unicorns and IVY Growth Associates. The company was last valued at around $331 million, or more than ₹3,000 crore, as of March 2025. This represents substantial growth from the initial ₹220 crore valuation sought on Shark Tank India, demonstrating how market conditions and business execution can significantly impact startup valuations.
Zypp's growth has coincided with rising investor interest in India's electric vehicle ecosystem. According to Tracxn, funding into India's EV sector increased from $40.6 million in 2017 to around $1.67 billion in 2025, highlighting the sector's rapid expansion. Today, Zypp Electric competes with companies such as Yulu, Alt Mobility and EVeez in India's fast-growing shared electric mobility market. As reported by NDTV Profit, what began as a startup rejected on Shark Tank has evolved into one of India's fastest-growing EV fleet operators, proving that a "no" on television does not always determine a startup's future.
