Zypp Electric’s revenue growth slowed sharply in FY26, with the electric mobility startup reporting ₹461 crore in operating revenue while narrowing its net loss by 44 per cent to ₹60 crore.
The company’s operating revenue increased from ₹438 crore in FY25, according to consolidated financial statements sourced from the Registrar of Companies. The latest performance fell short of Zypp’s earlier FY26 revenue target of ₹600 crore.
The numbers show a different picture from the rapid expansion recorded a year earlier. Zypp’s operating revenue had increased by about 50 per cent in FY25, compared with roughly 5 per cent growth in FY26.
Delivery services remained Zypp’s largest revenue stream, contributing about ₹322 crore in FY26. That was broadly unchanged from the previous year, while income from vehicle rentals increased 24 per cent to ₹138 crore, according to the financial statements cited by Entrackr.
The company also earned ₹15 crore in interest income, taking total income to ₹476 crore for FY26. Zypp provides electric vehicles and delivery services to gig workers and businesses, positioning itself as an EV-as-a-service platform for last-mile logistics.
The slower revenue growth was accompanied by lower operating costs in some areas. Rider-related expenses declined 5.6 per cent to ₹335 crore, while employee benefit expenses also fell, according to the company's FY26 financial data reported by Entrackr.
Total expenditure nevertheless reached ₹535 crore after accounting for rental, battery-swapping and other operating costs. The company consequently remained loss-making despite the improvement in its bottom line.
Zypp reduced its net loss to ₹60 crore in FY26 from ₹107 crore in FY25, a decline of about 44 per cent. The company had accumulated losses of around ₹320 crore by March 2026, according to the reported financial statements.
The improvement in losses follows a period in which Zypp had been trying to improve operating efficiency. In November 2025, the company said it had achieved EBITDA breakeven and was targeting ₹600 crore in FY26 revenue.
Zypp has also diversified beyond its core delivery business. The company has expanded its vehicle-rental operations, introduced advertising on its EV fleet and developed fleet-management software for external operators. Earlier management plans also included expansion into Tier-II cities and a larger electric vehicle fleet.
The startup's current investor-relations material shows that its operating metrics improved further after March 2026, although those figures are internal management information rather than audited FY26 financial statements. Zypp says its fleet reached 28,750 EVs by June 2026 and that monthly net revenue had increased 84 per cent year-on-year by that point.
Zypp has raised about $76.5 million from investors to date, according to company and market reports. Its investors include ENEOS Group and other institutional and early-stage backers. The company also raised $6.5 million as part of its Series C funding round in 2025.
The company operates in a competitive electric mobility market that includes Yulu and other EV fleet and last-mile delivery businesses. Yulu reported ₹237 crore in FY25 revenue and a ₹126 crore loss, according to Entrackr, although its FY26 results were not available in the supplied report.
Zypp’s FY26 numbers therefore show a business moving towards better cost control but facing a sharp slowdown in annual revenue growth. The key question for the company is whether its newer revenue streams and expanding EV fleet can restore faster growth without reversing the improvement in losses.
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