EV-as-a-Service platform Zypp Electric reported a revenue of Rs 449 crore in FY25, up from Rs 302.5 crore in FY24, marking nearly 50% year-on-year growth, according to its financial statements sourced from the Registrar of Companies (RoC).
Delivery services contributed the largest share of the company’s operating revenue in FY25, accounting for Rs 323 crore, or nearly 75% of the total operating income. Revenue from vehicle rentals stood at Rs 111 crore, while other operating income added Rs 4 crore, taking the total operating revenue to Rs 438 crore in FY25, compared to Rs 292.7 crore in FY24.
In addition, the company generated Rs 11 crore from non-operating income, bringing its total revenue to Rs 449 crore in FY25, against Rs 302.5 crore in FY24.
On the expenditure side, rider-related costs, which include production, transportation, and operational expenses, remained the company’s largest cost component. These expenses reached Rs 355 crore in FY25, accounting for 64% of total expenditure, and grew 49% year-on-year from Rs 238 crore in FY24.
Employee benefit expenses increased 42% to Rs 67.3 crore in FY25, up from Rs 47.5 crore in FY24. Meanwhile, finance costs stood at Rs 10 crore during the fiscal year. Other overheads, including rent, legal charges, repair and maintenance, and administrative expenses, rose 13% to Rs 85.5 crore in FY25, compared to Rs 75.6 crore in FY24.
Overall, total expenses surged 42% to Rs 556 crore in FY25, up from Rs 392 crore in FY24. As a result of the increased spending, the company’s net loss widened by 20% to Rs 107.5 crore in FY25, compared to Rs 89.5 crore in FY24.
On a unit economics basis, the company spent Rs 1.27 to earn every rupee of revenue in FY25, improving slightly from Rs 1.34 in FY24.
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About Zypp Electric
Zypp Electric is a tech-enabled EV-as-a-Service platform focused on enabling sustainable and carbon-free last-mile logistics. Founded in 2017 and headquartered in Gurugram, the company provides electric vehicle rentals to delivery partners and enterprises to support emission-free deliveries.
The company was originally launched as Mobycy, a bicycle-sharing platform, before pivoting to electric scooters in 2019. Zypp Electric was founded by Akash Gupta and Rashi Agarwal, a husband-and-wife duo. Tushar Mehta later joined the leadership team in 2021.
Zypp Electric operates a fleet of more than 22,000 electric two- and three-wheelers, supporting last-mile delivery operations for major partners such as Amazon, Zomato, and Swiggy. The company rents electric vehicles to delivery riders and logistics partners to enable emission-free last-mile deliveries.
In addition, Zypp Electric offers franchise opportunities to expand its fleet and operational network across cities. Its logistics ecosystem is powered by FleetEase.ai, which enables real-time IoT tracking, predictive maintenance, and battery health monitoring to improve fleet efficiency and uptime.
In January 2025, the company secured $6.5 million (Rs 55.4 crore) from 16 investors, including Samir Goenka and Kapil Kriplani. Earlier, in May 2024, Zypp raised $15 million in a funding round led by ENEOS Group, a Japanese energy major.
In February 2023, the company closed its Series B round, raising $25 million in a mix of equity and debt, led by Gogoro, with participation from Goodyear Ventures and Shell Ventures.
To date, Zypp Electric has raised approximately $76.5 million in funding and is valued at around $335–350 million as of early 2025.
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