IPO-Bound Zypp Electric Slashes FY26 Loss By 45% YoY To ₹60 Cr

The EV logistics platform also saw a 5.2% jump in its operating revenue to ₹461 Cr in the fiscal under review from ₹438.1 Cr in FY25

Zypp’s narrowing FY26 losses could make the IPO-bound startup more palatable to public investors, looking to back a growth story without the heavy cash burn

While Zypp’s core delivery service vertical contributed a revenue of ₹322.4 Cr in FY26, almost flat YoY, EV rentals brought an income of ₹137.7 Cr, up 24% YoY

EV logistics startup Zypp Electric’s parent Bycyshare Technologies managed to trim its consolidated net loss to ₹59.7 Cr in the fiscal year 2025-26 (FY26), down 44.4% from ₹107.5 Cr in the year-ago fiscal.

As per its regulatory filings with the ministry of corporate affairs (MCA), the EV logistics platform also saw a 5.2% jump in its operating revenue to ₹461 Cr in the fiscal under review from ₹438.1 Cr in FY25. 

Including other income of ₹14.6 Cr, Zypp Electric’s total revenue for FY26 stood at ₹475.6 Cr.

Founded in 2017 by Akash Gupta and Rashi Agarwal, and later joined by Tushar Mehta, Zypp Electric provides EV-based mobility solutions for gig workers. The startup primarily generates revenue through last-mile delivery services and EV rentals. 

Delivery service is Zypp’s largest revenue stream. Under this segment, the startup provides electric last-mile delivery solutions to quick commerce, ecommerce and food delivery platforms. While Zypp typically charges its clients on a per-delivery basis, a portion of the delivery fee is paid to the rider. This vertical contributed a revenue of ₹322.4 Cr in FY26, marginally lower than ₹323.1 Cr in FY25

Meanwhile, Zypp also rents electric two-wheelers to delivery partners on daily, weekly or monthly plans. Riders use these vehicles to fulfil deliveries for platforms such as Zomato, Blinkit and Zepto. This segment brought an income of ₹137.7 Cr in the fiscal under review, up 24% from ₹111 Cr in the previous fiscal.

Notably, Zypp also recorded an exceptional expenditure of ₹45 Lakh on account of amendments in the labour code.

The results come as the EV logistics platform is gearing up to list on the bourses. Zypp has already roped in Axis Capital, SBI Capital Markets and DAM Capital as bankers for its proposed $200 Mn IPO, which is slated to happen in the next 22 months.

Zypp Electric’s total expenses declined 3.8% to ₹534.8 Cr in FY26 compared to ₹556.1 Cr in the previous fiscal year.

Rider Expenses: This was the biggest cost centre for the startup. Zypp spent ₹334.6 Cr under this header in the fiscal under review, down 5.7% from ₹355 Cr in FY25, indicating tighter control over delivery and rider-related costs.

Employee Benefit Expenses: Employee-related expenditure declined 5% to ₹64 Cr in FY26 from ₹67.3 Cr in the previous fiscal.

Battery Swapping Expenses: Meanwhile, expenses under this header surged 40.3% to ₹24 Cr in the fiscal under review from ₹17.1 Cr in FY25, as Zypp Electric expanded its electric two-wheeler delivery fleet and battery-swapping infrastructure.

Zypp Electric competes with the likes of Yulu, Alt Mobility, MoEving, EVeez, and Baaz in the Indian EV space, which is projected to become a $17.9 Bn opportunity by 2032.

Source: Inc42 - Startups