Zypp Electric Revenue Jumps 50% To Rs 438 Cr In FY25; Loss Widens To Rs 107 Cr – BW Disrupt

Zypp Electric, the EV-as-a-service and last-mile delivery company, reported a 50% year-on-year rise in operating revenue to Rs 438 crore in FY25, up from Rs 293 crore in FY24, according to filings with the Registrar of Companies (RoC). Despite the strong top-line growth, higher operating costs pushed the company’s net loss to Rs 107.5 crore in FY25 from Rs 89.5 crore in the previous fiscal.

Revenue Growth and Mix

• Operating revenue: Rs 438 crore in FY25, up 50% year-on-year.
• Delivery services: Contributed 74% of operating revenue, with income from deliveries rising 56% to Rs 323 crore.
• Vehicle rentals: Revenue increased 32% to Rs 111 crore.
• Interest income: Rs 11 crore, taking total income for the year to Rs 449 crore.

Rising Expenses

The company’s scale-up was accompanied by a significant rise in costs:

• Rider-related expenses: Accounted for 64% of total expenditure and climbed 49% to Rs 355 crore, covering production, transportation, and operational activities.
• Employee benefits: Increased 43% to Rs 67 crore.
• Depreciation: Reported at Rs 38.5 crore.
• Other overheads: Higher rent, legal, and administrative costs contributed to a 42% surge in total expenses to Rs 556 crore, up from Rs 392 crore in FY24.

Profitability and Unit Economics

• Net loss: Widened to Rs 107.5 crore in FY25 from Rs 89.5 crore in FY24.
• EBITDA margin: -15.98%.
• ROCE: -52.16%.
• Unit economics: Zypp spent Rs 1.27 to earn every rupee during the year.

Balance Sheet and Funding

• Cash and bank balances: Rs 72.5 crore at the end of FY25.
• Current assets: Rs 174.5 crore.
• Capital raised to date: Approximately USD 76.5 million, with ENEOS Group as the lead investor.
• Ongoing raise: Rs 55.4 crore as part of the company’s Series C round.

Competitive Landscape

In comparison, EV mobility peer Yulu reported a 98% jump in operating revenue to Rs 237.4 crore in FY25 and reduced its losses by 12% to Rs 126 crore over the same period.

Overall, Zypp Electric’s FY25 performance underscores strong demand in EV-enabled last-mile logistics, with robust revenue growth tempered by elevated operating costs as the company expands its network and services.