BrightDrop shared with investors today that it expected to cross the $1 billion sales mark in 2023, making it one of the fastest businesses to do so. By the end of the decade, the company expects to reach 20% profit margins and up to $10 billion in revenue.
The BrightDrop Zevo lineup of electric delivery vans, the BrightDrop Trace eCart, and the BrightDrop Core software suite were among the first products to be released in 2021. These products were all aimed at last-mile delivery and fulfillment.
The company’s two-year anniversary is approaching, and the revenue news comes only 11 months after it set a new record for the quickest vehicle to market in GM history. However, BrightDrop will be joining the billion-dollar club in less than three years, showcasing the company’s strategy, vision, tech expertise, and commitment to the market. Some of the most well-known consumer and tech businesses took over five years to reach the $1 billion milestone.
BrightDrop already has vehicles on the road making deliveries today and has received over 25,000 reservations and letters of intent from some of the biggest firms in the world, including Walmart, Hertz, FedEx, and Verizon.
“This shows how BrightDrop is delivering sustainable solutions at scale to customers today, and we couldn’t be happier to be part of FedEx’s sustainability journey,” said Travis Katz, president, and CEO of BrightDrop. “Our Zevo 600 has been a record-setting vehicle from the start. From a record-setting time to market, to deliver one of the largest fleets of electric delivery vans on the road today, BrightDrop is showing the world what sustainable delivery looks like.”
The business debuted Trace Grocery, an eCart intended to enhance online grocery fulfillment, in September and named Kroger as the first organization expected to get the units.
“COVID has driven a dramatic increase in online grocery shopping, and fulfilling these orders profitably has become a major challenge for retailers of all sizes. With Trace Grocery, we saw an opportunity to help companies like Kroger tackle these challenges head-on,” said BrightDrop President and CEO Travis Katz. “As online shopping continues to grow, BrightDrop is committed to developing innovative solutions to help our customers keep pace. The Trace Grocery is a perfect example of this.”
BrightDrop Core, a subscription-based software platform created to aid users in better optimizing their businesses, was also revealed by the company. To give users improved visibility, understanding, and control over business operations, the program combines data produced by the Zevo and Trace solutions. Early 2023 will see the release of BrightDrop Core, with its initial offering including a user portal, mobile productivity tools, and a digital driver experience designed to increase field drivers’ efficiency.
“We’re a tech startup with a subscription-based product offering that’s backed by a global powerhouse — this puts us in a league of our own,” said Travis Katz, BrightDrop president, and CEO. “As we focus not only on electric vans but also eCarts and software, we’re confident that our full ecosystem of connected products and services will drive significant revenue and growth for years to come. Between delivery and our recent expansion into the online grocery sector, we can capture substantial market share across multiple industries.”
Source and photo: GM
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