Startup rejected on Shark Tank, now worth Rs 3,000 crore: How Zypp Electric turned a 'No' into a booming...

Startup rejected on Shark Tank, now worth Rs 3,000 crore: How Zypp Electric turned a 'No' into a booming EV business

When Akash Gupta walked into the Shark Tank India studio with co-founder Rashi Agarwal to pitch Zypp Electric, he knew he had to convince the investors that India's electric mobility story was only just beginning. His startup had fewer than 2,000 electric scooters on the road, yet he confidently told the Sharks that the fleet would grow to 10,000 scooters within six to eight months. It was an ambitious target for a young company that was still trying to prove its business model.

The founders sought Rs 2.2 crore for 1% equity, implying a valuation of Rs 220 crore. The Sharks, however, were not convinced. Zypp Electric walked away without a deal, joining the long list of startups that failed to secure investment on the show.

For many startups, that could have been a setback. For Zypp Electric, it became just another milestone in a much longer journey.

Months after the episode aired, Gupta admitted that he had "got carried away" while making the bold prediction on national television. In a LinkedIn post, he recalled that even he wasn't completely sure whether the company could achieve the target. "Deep down, I knew it was a big promise, but I said it from the heart," he wrote.

The uncertainty did not last long.

Within eight months, Zypp had expanded its fleet to 10,000 electric scooters, exactly as Gupta had promised. The company has since more than doubled that number and today operates a fleet of over 21,000 electric scooters, serving businesses involved in e-commerce, food delivery, grocery and medicine distribution across India.

The rapid expansion has been driven by a business model that focuses on EV-as-a-Service rather than vehicle ownership. Founded in 2017 by Akash Gupta and Rashi Agarwal, the Gurugram-based startup leases electric scooters and electric loaders to delivery executives and enterprise customers, allowing logistics companies to shift to electric mobility without investing in their own fleets.

As India's quick commerce and online delivery ecosystem expanded, Zypp's business grew alongside it.

That growth is visible in the company's financials. According to regulatory filings, Zypp's operating entity, Bycyshare Technologies, reported operating revenue of Rs 437.9 crore in FY25, compared with Rs 292.7 crore in FY24, reflecting nearly 50% year-on-year growth. Like many fast-growing mobility startups, the company continued to invest heavily in expansion, with its loss widening to Rs 107.5 crore from Rs 89.6 crore during the same period.

The company's growth has also attracted investors despite its Shark Tank rejection. According to Tracxn, Zypp 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 startup was last valued at around $331 million, or more than Rs 3,000 crore, as of March 2025.

Zypp has also expanded its business model. In 2025, it introduced a franchise-owned, company-operated (FOCO) model, 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. It competes with companies such as Yulu, Alt Mobility and EVeez in India's fast-growing electric mobility market.

The timing has worked in Zypp's favour. According to Tracxn, funding into India's EV sector increased from $40.6 million in 2017 to $1.67 billion in 2025, highlighting the growing investor interest in electric mobility.

From a startup that failed to secure a deal on Shark Tank at a Rs 220-crore valuation, Zypp Electric has grown into a company valued at more than Rs 3,000 crore. The Sharks may have passed on the opportunity, but the market did not.

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Find the best of Al News in one place, specially curated for you every weekend.

Stay on top of the latest tech trends and biggest startup news.