Zypp Electric revenue grows 50% in FY25; losses stands at Rs 107 Cr

B2B delivery and shared mobility startup Zypp Electric continued its strong growth momentum in the fiscal year ended March 2025, recorded a 50% year-on-year jump in scale, and crossed Rs 400 crore in revenue.

Zypp Electric’s revenue from operations grew to Rs 438 crore in FY25 from Rs 293 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC).

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. Revenue from delivery services accounted for 74% of operating revenue, which rose 56% to Rs 323 crore in FY25.

Income from the renting of vehicles grew 32% to Rs 111 crore in FY25 from Rs 84 crore in FY24. The firm generated Rs 11 crore from interest income, which pushed its total income to Rs 449 crore in FY25.

On the spending side, the company booked 64% of its total cost under expenditure on production, transportation, and other operating activities (riders' expenses), which grew by 49% to Rs 355 crore in FY25 from Rs 238 crore in FY24.

Employee benefit expenses increased by 43% to Rs 67 crore, while depreciation charges stood at Rs 38.5 crore. Its rent, legal, and other overheads took Zypp Electric’s total expenses up by 42% to Rs 556 crore in FY25 from Rs 392 crore in FY24.

Despite the growth, the 42% increase in total cost led the company to post a loss of Rs 107.5 crore in FY25 compared to Rs 89.5 crore in FY24. Its ROCE and EBITDA margin stood at -52.16% and -15.98%, respectively.

On a unit basis, the company spent Rs 1.27 to earn a rupee in FY25. Zypp Electric recorded cash and bank balances of Rs 72.5 crore, while its current assets stood at Rs 174.5 crore during the said period.

Zypp Electric has raised around $76.5 million of funding to date, with ENEOS Group as its lead investor. In a recent development, the Gurugram-based company is raising Rs 55.4 crore ($6.5 million) from 16 investors, as part of its ongoing Series C funding round.

Zypp’s competitor, Yulu’s operating revenue jumped 98% year-on-year to Rs 237.4 crore in FY25. The company also trimmed its losses by 12% to Rs 126 crore in FY25, compared to Rs 142.8 crore in FY24.