Despite a significant surge in scale, the Gurugram-based EV startup Zypp Electric reported a net loss of ₹107.5 crore for the fiscal year ended March 31, 2025 (FY25). This represents a 20% widening of losses compared to the ₹89.5 crore loss recorded in FY24.
The company’s financial statements highlight a “growth at a cost” phase as it aggressively expands its fleet to dominate India’s booming quick commerce and last-mile delivery sectors.
Financial Performance: FY25 Breakdown
Zypp Electric’s revenue crossed the ₹400 crore milestone for the first time, fueled by massive demand from partners like Zomato, Swiggy, and Zepto.
- Operating Revenue: Grew 50% to ₹438 crore (up from ₹293 crore in FY24).
- Net Loss: Widened to ₹107.5 crore.
- Expenditure: Total expenses surged 42% to ₹556 crore, driven largely by rider expenses and fleet maintenance.
- Unit Economics: For every ₹1 of revenue earned in FY25, the company spent ₹1.27.
Revenue Streams
Zypp operates as an EV-as-a-service (EVaaS) platform with two primary income drivers:
| Segment | Revenue (FY25) | Growth (YoY) | Contribution |
| Delivery Services | ₹323 crore | 56% | 74% (Core) |
| Vehicle Rentals | ₹111 crore | 32% | 25% |
| New Verticals | ₹11 crore | N/A | Advertising & SaaS |
Operational Milestones
The 2025 fiscal year marked several “firsts” for the company as it prepared for a potential 2027 IPO:
- Fleet Expansion: The active EV fleet crossed 22,000 units across Delhi-NCR, Bengaluru, and Mumbai.
- Delivery Volume: Reached the milestone of 100 million deliveries since inception, with 47% now coming from the high-growth quick commerce sector.
- Profitability Push: In a late-2025 move to reach breakeven, Zypp laid off 10% of its workforce and achieved operational (EBITDA) profitability in July 2025.
- FleetEase.ai: Launched a SaaS-based fleet management platform to diversify revenue and help other operators optimize their P&L.
Comparison: The EV Logistics Race (FY25)
Zypp remains a top contender in a highly competitive market against rivals like Yulu.
| Metric | Zypp Electric | Yulu (Competitor) |
| FY25 Revenue | ₹438 Crore | ₹237.4 Crore |
| FY25 Loss | ₹107.5 Crore | ₹126 Crore |
| Loss Change | Widened (20%) | Trimmed (12%) |
“FY25 has been a landmark year… We’ve not focused much on growth but rather laid down the groundwork for a sustainable and profitable EV business. I see a much clearer line of sight of EBITDA profitability over the next 1-2 quarters.” — Akash Gupta, Co-Founder & CEO, Zypp Electric.
