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India’s Zypp Electric cuts workforce by 10% ahead of IPO
Zypp Electric has reduced its workforce by nearly 10% over the past three months as it prepares for an IPO by the end of 2026.
The company cited performance issues for the layoffs, bringing its workforce down from around 1,300 in January to approximately 1,180-1,190.
CEO Akash Gupta said the move aims to improve efficiency and ensure sustainable growth. He also denied reports of a “loss-of-pay policy” for team leads.
The company is targeting EBITDA profitability ahead of its listing.
Recent Zypp developments
| Timeline |
|---|
31-Jan-2025 ⚡ Why Indian EV players are charging into the SEA opportunity
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18-Dec-2024 🚀 Zypp Electric names ex-SoftBank India head as senior advisor
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27-May-2024 ⚡ India’s Zypp Electric nets $15m to expand EV fleet
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14-May-2024 🚀 9Unicorns launches $200m fund, rebrands to 100Unicorns
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09-Feb-2023 ⚡ Gogoro electrifies Indian EV platform’s $25m round
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