Gurugram-based electric mobility startup Zypp Electric records Rs 461 crore in revenue during FY26, showing a modest 5% year-on-year increase from Rs 438 crore in FY25. The company had earlier set a revenue target of Rs 600 crore for the financial year, but falls short of that goal.
Zypp Electric operates as an EV-as-a-service platform, providing electric scooters and delivery services to gig workers. Its business mainly serves the B2B delivery and shared mobility market, where electric vehicles are becoming increasingly important.
Zypp Income Source
Delivery services remain the biggest revenue source for company, contributing around 60% of operating revenue. However, this segment remains almost flat at Rs 322 crore during FY26. In comparison, revenue from vehicle rentals grows 24% to Rs 138 crore.
The company also earns Rs 15 crore through interest income, taking its total income to Rs 476 crore for FY26. Despite limited revenue growth, Zypp focuses on controlling expenses to improve its financial performance.
Cost Goes Down
Rider-related expenses fall 5.6% to Rs 335 crore during the year, while employee benefit costs also decline to Rs 64 crore. However, rental, battery-swapping and other operating expenses keep total expenditure at Rs 535 crore.
Better cost management helps Zypp reduce its net loss by 44%, from Rs 107 crore in FY25 to Rs 60 crore in FY26. However, the company still carries accumulated losses of around Rs 320 crore as of March 2026.
Weak EBITDA Margin
Zypp EBITDA margin improves to negative 2.82% during FY26, while its return on capital employed remains negative at 41.33%. Its unit economics also show that the company spends Rs 1.16 to generate every Rs 1 of revenue.
The financial results show that Zypp is moving toward tighter cost management, although profitability remains a major challenge. The company now needs stronger revenue growth and better operating efficiency to reach sustainable profitability.
Zypp vs Yulu
Zypp Electric has raised around $76.5 million in funding so far, with Japan-based ENEOS Group among its key investors. In the previous year, the company raised $6.5 million from 16 investors as part of its ongoing Series C funding round.
Its competitor Yulu also continues to attract investor interest. Yulu recently raises $93 million in a Series C round led by GEF Capital. The company reports Rs 237 crore in FY25 revenue and a Rs 126 crore loss, while its FY26 annual results are yet to be filed.
What is Zypp
Zypp Electric is an Indian electric mobility startup that provides EV-based delivery and rental services. Its platform helps businesses and gig workers access electric scooters for last-mile deliveries while supporting the broader shift toward cleaner urban transportation.
Zypp latest financial performance highlights a changing phase for EV delivery sector. While revenue growth remains moderate, the sharp reduction in losses suggests stronger attention to cost control and operational efficiency.
At the same time, fresh funding across competitors such as Yulu indicates that investors continue to see long-term potential in electric last-mile mobility market.
