Zypp Electric posts Rs 455 crore revenue in FY25, up 50% YoY
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The Gurugram-based company, which focused on streamlining technology, improving vehicle quality, and standardising operations over the past year, is targeting earnings before interest, taxes, depreciation and amortisation (Ebitda) breakeven within the next one to two quarters, according to a statement.
In FY25, Zypp crossed 100 million deliveries since inception, with quick commerce accounting for 47% of total deliveries, up from 30% in the previous year. The platform said it enabled over 1.2 lakh gig delivery partners to boost their earnings through its daily rental EV platform, equipped with battery swapping and technician services.
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'FY25 has been a landmark year for us. We've not focused much on growth but rather laid down the groundwork for a sustainable and profitable EV business. While revenue grew from Rs 302 crore to Rs 455 crore (pre-audited), I see a much clearer line of sight of
Ebitda profitability
over the next one to two quarters, looking at several interventions done in FY25 for tech, team, partnerships and pushing sustainable growth levers,' said Akash Gupta, cofounder and CEO of Zypp Electric.
The company said its fleet operations also grew across key cities. In Delhi NCR, its fleet expanded by 16% to over 12,000 vehicles, while in Bengaluru, it grew 31% to more than 5,000 vehicles. In Mumbai, where it launched operations in FY25, the active fleet has scaled to 2,400 vehicles.
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Zypp also scaled its three-wheeler business, crossing 900 EVs catering to last-mile logistics through its driver rental model.
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As part of its push towards profitability, Zypp Electric
cut its workforce by around 10%
as the company is working towards profitability ahead of a potential public listing within the next two years, Gupta had earlier told ET.
Founded in 2017 by Gupta, Rashi Agarwal, and Tushar Mehta, Zypp Electric works with companies such as
Swiggy
,
Zomato
, and Zepto, providing delivery riders and electric two-wheelers.
In January, ET reported
that Zypp Electric was in advanced talks to raise $25-30 million, led by asset management firm Nuvama Wealth, as part of an ongoing funding round. Silicon Valley investor Tribe Capital is also participating, as ET reported in April 2024. The following month, Zypp raised $15 million from Japanese energy firm Eneos, valuing the company at approximately $280-290 million.
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