Zypp Electric has achieved a 50% YoY revenue growth for the financial year 2024–25 with topline figures of INR 455 crore as per unaudited financials, up from INR 302 crore in FY24. The company will be EBITDA profitability in next two quarters.

Founded in 2017 by Akash Gupta, Rashi Agarwal and Tushar Mehta, Zypp Electric is an EV-as-a-service platform that operates in electric vehicle fleet management and last-mile logistics. The Gurugram-based company’s growth in FY25 is a testament to its growing dominance in the Indian EV delivery ecosystem.

Zypp Electric FY25 Results – Highlights

• Revenue: INR 455 crore, up 50% from INR 302 crore in previous fiscal.
• Profitability: Zypp expects to be EBITDA breakeven in the next two quarters with higher fleet utilization, streamlined operations and diversified revenue streams.
• Fleet: Active EV fleet has crossed 22,000 units across Delhi NCR (12,000+), Bengaluru (5,000+), and Mumbai (2,400) – with Mumbai operations started in FY25.
• Delivery: 100 million+ deliveries since inception, 47% of which was quick commerce in FY25, up from 30% in FY24.
• Carbon Impact: Zypp has helped avert 45 million kg of carbon emissions through green deliveries.

Strategic Levers

Zypp Electric spent FY25 laying down the foundation for long term sustainability rather than chasing growth. “FY25 has been a landmark year for us. We have not focused much on growth but rather laid down the foundation for a sustainable and profitable EV business,” said Co-founder and CEO Akash Gupta. The company made several strategic interventions to boost operational efficiency and reduce costs.

Among these were the launch of SaaS-based fleet management platform for vehicle acquisition, utilization monitoring and P&L tracking and Zypp Advertising Services to enable brands to advertise on vehicles and delivery partner accessories – opening new revenue streams.The company also made workforce realignments and reduced headcount by 10% to sharpen its path to profitability – a move that is in line with the plans for a potential listing in the next two years.

Gig Workforce and Ecosystem

Zypp’s rental based EV model has enabled over 1.2 lakh gig delivery partners to access electric vehicles without any upfront costs. With battery swapping, technical maintenance services and real time serviceability the company is building a more inclusive and economically beneficial platform for riders moving from internal combustion engine (ICE) vehicles.

To further deepen the ecosystem Zypp has partnered with EV manufacturers, battery-swapping networks, fintech leasing companies to ensure a supply chain and affordable leasing models. Also a pilot training program was launched to upskill mechanics and technicians in EV maintenance so that India’s EV service infrastructure is strengthened.

Funding and Valuation Update

Zypp has also remained active on the fundraising front. In 2024–25, it raised USD 15 million (~INR 127 crore) from Japanese energy giant Eneos, bringing its valuation to an estimated USD 280–290 million (INR 2,455 crore). There are some discussions to raise an additional USD 25–30 million (~INR 253.85 crore), led by Nuvama Wealth and including participation from Tribe Capital, were reported to be in advanced stages earlier in the year.

Outlook for FY26

Looking ahead, Zypp Electric plans to extend its operations beyond its three primary markets and explore new growth verticals in FY26. With government support for electric mobility, rising demand for quick commerce, and increasing pressure to curb urban emissions, the company is well-positioned to scale further while maintaining its profitability-first approach.

“We continue to ride the EV and quick commerce tailwind and enable thousands of delivery partners to upgrade from ICE vehicles to EVs on easy rental plans,” Gupta added. “With our tech-driven platform, we’re not just transforming last-mile logistics, we’re enabling livelihoods and sustainability in tandem.”

About Zypp Electric

Founded in 2017, Zypp Electric is an electric vehicle-as-a-service platform offering last mile logistics solutions to big players like Swiggy, Zomato, BigBasket, Blinkit and Amazon. The company is focused on sustainable urban logistics using electric two-wheelers and three-wheelers, with a robust ecosystem of charging, swapping and service support.

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