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. The round was led by Japanese major ENEOS, along with participation from existing investors 9unicorns, IAN fund and venture catalysts, among others.

In FY23-24, Zypp Electric registered a revenue of Rs 325 crore and recently launched operations in Mumbai and Hyderabad. The company has done more than 50 million shipment deliveries via electric vehicles from January 2023 to March 2024.

Zypp Electric has raised over $80 million to date, including $25 million led by Taiwanese EV maker Gogoro in February 2023. The electric vehicle company currently manages deliveries and ride-sharing services for over 50 industry giants, including Zomato, Swiggy, Amazon, Flipkart, Dunzo, Blinkit, and several others.