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 accounted for the largest share of the company’s operating revenue in FY25, contributing 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.
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 also increased 42% to Rs 67.3 crore in FY25, up from Rs 47.5 crore in FY24.
Overall, total expenses surged 42% to Rs 556 crore in FY25, compared to 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, up from Rs 89.5 crore in FY24.
Founded in 2017 and headquartered in Gurugram, Zypp Electric is a tech-enabled EV-as-a-Service platform focused on enabling sustainable and carbon-free last-mile logistics. The company was founded by Akash Gupta and Rashi Agarwal, with Tushar Mehta joining the leadership team in 2021.
Zypp Electric currently operates a fleet of more than 22,000 electric two- and three-wheelers, supporting last-mile delivery operations for major partners including Amazon, Zomato and Swiggy. The company rents electric vehicles to delivery riders and logistics partners to facilitate emission-free deliveries.
To date, Zypp Electric has raised approximately $76.5 million in funding and is valued at around $335–350 million.
