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Zypp Electric lays off 10% of workforce amid profitability push

Economic Times

Economic Times · 4m ago

Zypp Electric lays off 10% of workforce amid profitability push

Zypp Electric, an EV fleet management firm, has reduced its workforce by 10% in a move aimed at achieving profitability before a potential public listing. The company, which operates around 20,000 vehicles and partners with firms like Swiggy and Zomato, experienced doubled losses to Rs 91 crore in FY24 despite increased revenue. Zypp is hiring new roles, targeting profitability in the next two to three quarters, and plans to expand its vehicle fleet and city presence.

Related News

Zypp Electric posts Rs 455 crore revenue in FY25, up 50% YoY

Economic Times

Economic Times · 3m ago

Zypp Electric posts Rs 455 crore revenue in FY25, up 50% YoY

Zypp Electric, an EV fleet management company, reported a 50% revenue rise to Rs 455 crore for the fiscal year ended March 2025, driven by city expansion and growth in quick commerce. The company, focusing on technology enhancements and operational standardization, aims for Ebitda breakeven within two quarters. Its operations expanded significantly across major cities, and quick commerce deliveries rose to 47%. Zypp also reduced its workforce by 10%, targeting profitability before a potential public listing.

Meta lays off employees in Reality Labs division: Report

Economic Times

Economic Times · 3m ago

Meta lays off employees in Reality Labs division: Report

Meta has reportedly laid off employees in its Reality Labs division, impacting Oculus Studios and hardware development teams, including the Supernatural VR fitness game project. This move aims to enhance efficiency while maintaining a commitment to Quest and Supernatural content. These layoffs follow a February job cut of about 5% of Meta's global workforce amid a broader push by CEO Mark Zuckerberg to create a leaner organization. Public criticism and allegations followed, questioning the layoff criteria.

Insight Partners-Backed Appsmith Lays Off 25% Of Its Workforce

Startup News FYI

Startup News FYI · 1y ago

Insight Partners-Backed Appsmith Lays Off 25% Of Its Workforce

App development startup Appsmith, backed by Insight Partners, has laid off around 35 employees, approximately 25% of its workforce. The layoffs were attributed to challenging market conditions and a slowdown in business. Appsmith is offering a two-month severance pay as part of the compensation package for the impacted employees. The company aims to adapt to the evolving fundraising landscape and prioritize operational efficiency for long-term success. Since last year, Indian startups have laid off over 28,000 employees amid the funding winter and the focus on profitability.

Unicorn Pristyn Care lays off 120 employees to become profitable

Inshorts · 1y ago

Unicorn Pristyn Care lays off 120 employees to become profitable

Indian healthtech unicorn Pristyn Care has laid off approximately 120 employees, or about 7% of its total workforce. The development is part of the startup's broader strategy to achieve profitability by FY25 and prepare for an IPO by 2027. The layoffs affect mainly entry-level and support function roles.

Google releases new open LLMs, Rivian lays off staff and Signal rolls out usernames

TechCrunch · 1y ago

Google releases new open LLMs, Rivian lays off staff and Signal rolls out usernames

Google has released two new open large language models (LLMs), Gemma 2B and Gemma 7B, as part of its push for generative AI dominance. MariaDB, the database company, could potentially go private in a $37 million deal. Change Healthcare, a major US healthcare tech company, suffered a cyberattack on its systems. Rivian is laying off 10% of its salaried workforce to cut costs in a challenging electric vehicle market. Indian e-commerce giant Flipkart is considering acquiring Dunzo, a hyperlocal delivery startup. Signal users can now keep their phone numbers private with the introduction of usernames. YouTube dominates TV streaming in the US, according to a report by Nielsen. French-based Planity has raised $48 million to expand its hair salon software service. Dutch startup Monumental has secured $25 million to develop its robotic carts and arms for bricklaying.

Roku lays off 300 employees

Robots · 1y ago

Roku lays off 300 employees

Roku is cutting over 300 jobs, approximately 10% of its workforce, to streamline operations and reduce costs after a period of rapid growth. The company plans to consolidate office spaces, review its content portfolio, and limit hiring. Roku relies heavily on advertising revenue, notably from The Roku Channel. Despite revenue growth, it reported a net loss and doesn't expect immediate profitability. The layoffs will result in significant expenses, and the company anticipates challenges in achieving profitability in the near term.

Exclusive: Hinge Health, a virtual physical therapist, lays off 10% of its workforce

TechCrunch · 1y ago

Exclusive: Hinge Health, a virtual physical therapist, lays off 10% of its workforce

Digital health company Hinge Health has reportedly laid off around 10% of its workforce as it looks to streamline operations and achieve profitability. The company, which offers a digital solution for treating chronic musculoskeletal conditions, did not disclose the exact number of employees affected but had over 1,700 prior to the layoffs. Hinge Health is currently preparing for an initial public offering (IPO) and was last valued at $6.2 billion. Its main competitor is Sword Health, which was valued at $2 billion in November 2021.

ShareChat lays off about 200 employees across verticals

Economic Times

Economic Times · 1y ago

ShareChat lays off about 200 employees across verticals

Social media platform ShareChat has laid off around 200 employees, constituting 15% of its workforce, as part of a restructuring effort to cut costs and achieve profitability in the next 4-6 quarters. Backed by Google and Temasek Holdings, ShareChat is also reportedly seeking $50 million in new funding at a valuation below $1.5 billion. This move has primarily impacted roles in the company's product functions.

'Layoffs, Pay Cuts': Zypp Electric's Cost-Cutting Plans in Motion

OutlookIndia

OutlookIndia · 4m ago

'Layoffs, Pay Cuts': Zypp Electric's Cost-Cutting Plans in Motion

Zypp Electric, an electric scooter rental start-up from Gurugram, has laid off about 150 employees and initiated pay cuts as part of its cost-cutting strategies despite recently raising Rs 55 crore in funding. The company aims to build a scalable, high-performing team to support growth and market expansion. Currently valued at approximately $322 million, Zypp plans to deploy 100,000 electric two-wheelers in collaboration with Indofast Energy, enhancing its service capabilities across major Indian cities.

Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C

Entrackr

Entrackr · 7m ago

Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C

Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C B2B delivery and shared mobility startup Zypp Electric is raising Rs 55.4 crore ($6.5 million) from 16 investors, which seems to be part of the ongoing Series C funding round for the Gurugram-based company. The board at Zypp Electric has passed a special resolution to issue 564 Series C2 CCPS at an issue price of Rs 9,83,005 each to raise Rs 55.4 crore, its regulatory filing accessed from the Registrar of Companies shows. Individuals including Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, Nirmal K Bathwal, and 10 other investors will cumulatively participate during the investment. According to Entrackr’s estimates, the company will be valued at around $335-350 million. This seems to be part of an ongoing round, and the valuation may vary with further injection. According to the company, it may raise up to $50 million in the Series C fundraise. In May last year, Zypp kicked off the new round with a $15 million tranche led by ENEOS. The company was backed by IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others. Founded by Akash Gupta and Rashi Agrawal in 2017, Zypp Electric is an EV-as-a-service platform offering electric vehicle rentals along with delivery services through its e-scooter fleet for gig workers. The company claims to have around 22,000 active vehicles in its fleet, with 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai. Zypp Electric witnessed significant 2.6X growth, with its operating revenue crossing Rs 290 crore during the fiscal year ended March 2024. However, in pursuit of scale, the losses for the firm rose 2.2X to Rs 91 crore in the same period.

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