Zypp Electric’s Losses Surge To Rs 91 Cr In FY24

New Delhi: Tech-enabled electric vehicle (EV) company Zypp Electric saw its losses increase 2.2 times to Rs 91 crore in FY24, up from Rs 40 crore in the previous fiscal. The EV-as-a-service platform saw its EBITDA margin stood at 19.47 per cent in negative, as per its FY24 financials. Zypp Electric’s total expenditure went up 2.6 times to Rs 394 crore in FY24, compared to Rs 152 crore in FY23.

The EV firm reported operational revenue at Rs 293 crore in the last fiscal, up from Rs 109 crore in FY23. Total revenue crossed Rs 300 crore during the fiscal year. Founded in 2017, Zypp Electric claims to have around 22,000 active vehicles in its fleet. Income from vehicle rentals and delivery services was the primary revenue source for the EV firm in FY24.

In May this year, Zypp Electric raised $15 million to expand the company’s fleet from 21,000 to 2,00,000 electric scooters and domestic operations to 15 cities across the country by 2026.