Zypp Electric’s Impressive Growth in FY25

Zypp Electric, a B2B delivery and shared mobility startup, has demonstrated significant momentum during the fiscal year concluding in March 2025. The company reported a 50% increase in size year-on-year, surpassing Rs 400 crore in revenue.

The financial statements obtained from the Registrar of Companies (RoC) reveal that Zypp Electric’s operational revenue climbed to Rs 438 crore in FY25, up from Rs 293 crore in FY24. Zypp Electric functions as an EV-as-a-service platform, providing electric vehicle rentals alongside delivery services facilitated by its e-scooter fleet for gig workers.

Revenue Growth Breakdown

Significantly, revenue from delivery services made up 74% of the operational income, which soared by 56% to Rs 323 crore in FY25. Earnings from vehicle rentals rose by 32%, reaching Rs 111 crore in FY25, increasing from Rs 84 crore in FY24. Additionally, the company garnered Rs 11 crore from interest income, bringing total income to Rs 449 crore in FY25.

Expenditure Analysis

On the expenditure front, Zypp Electric allocated 64% of its total costs to production, transportation, and other operational activities—commonly referred to as rider expenses—growing by 49% to Rs 355 crore in FY25, compared to Rs 238 crore in FY24. Employee benefits expenditures rose by 43% to Rs 67 crore, while depreciation costs accounted for Rs 38.5 crore.

Legal and additional overhead charges increased Zypp Electric’s overall expenses by 42%, totalling Rs 556 crore in FY25, up from Rs 392 crore in FY24. Despite these advancements, the substantial 42% rise in total costs resulted in a loss of Rs 107.5 crore for FY25, compared to a loss of Rs 89.5 crore in FY24. The company recorded a return on capital employed (ROCE) and an EBITDA margin of -52.16% and -15.98%, respectively.

Financial Position and Future Plans

Per unit, Zypp Electric spent Rs 1.27 to generate a rupee in FY25, as it reported cash and bank balances of Rs 72.5 crore, with current assets amounting to Rs 174.5 crore during this period. The company has thus far raised approximately $76.5 million in funding, with ENEOS Group as the primary investor.

In a recent update, the Gurugram-based enterprise is in the process of raising Rs 55.4 crore ($6.5 million) from 16 investors as part of its ongoing Series C funding round.

Competition Overview

In contrast, Zypp’s competitor, Yulu, demonstrated an impressive operational revenue increase of 98% year-on-year, reaching Rs 237.4 crore in FY25. The company also managed to reduce its losses by 12%, amounting to Rs 126 crore in FY25, down from Rs 142.8 crore in FY24.