SUMMARY
- In FY24, Zypp Electric’s revenue from operations reached Rs 293 crore from the Rs 109 crore in FY23.
- Zypp Electric’s total expenses increased by 2.6X to Rs 394 crore in FY24.
- Its losses also rose 2.27X to Rs 91 crore in FY24, up from Rs 40 crore in FY23.
B2B delivery and shared mobility startup Zypp Electric secured $14 million in funding post FY24, driven by the growth of fast-commerce and food delivery services. The company reported a significant increase in its scale, with its total earnings exceeding Rs 300 crore in FY24.
In FY24, Zypp Electric’s revenue from operations reached Rs 293 crore from the Rs 109 crore reported in the previous fiscal year, according to its financial reports obtained from the Registrar of Companies.
Established in 2017 by Akash Gupta and Rashi Agrawal, Zypp Electric operates as an EV-as-a-service platform, providing electric vehicle rentals along with delivery services through its e-scooter fleet, which is utilized by gig workers. The company has a fleet of approximately 22,000 vehicles, with the majority located in Delhi NCR (15,000), Bengaluru (4,000), and Mumbai (1,200).
The core of Zypp Electric’s revenue stream comes from its vehicle rental and delivery services. While the company has not disclosed the specific breakdown of its revenue for FY24, 76% of its revenue was generated from delivery services in FY23, with the remaining coming from vehicle rentals. Additionally, the company offers advertising solutions on its scooters and helmets, though this service has yet to significantly contribute to its revenue.
Zypp Electric’s total expenses increased by 2.6X to Rs 394 crore in FY24, compared to Rs 152 crore in FY23. The company saw a significant rise in employee benefits and rent repairs, increasing by 2.1X and 3.9X, respectively in FY24.
The company did not provide a detailed breakdown of its other expenses, listing Rs 274 crore under miscellaneous, which likely includes payments to riders, legal fees, advertising costs, and other operational expenses.
Zypp Electric’s losses also rose 2.27X to Rs 91 crore in FY24, up from Rs 40 crore in FY23. Its ROCE and EBITDA margins have both declined, standing at -100% and -19.47%, respectively. On a per-unit basis, Zypp Electric spent Rs 1.34 to earn a rupee in FY24.
The company has secured over $80 million in funding to date, including a $25 million investment led by Taiwanese EV manufacturer Gogoro in February 2023. The largest external investor is IAN Fund, followed by 9Unicorns and Anthill Ventures.
