Tech-driven electric vehicle (EV) company Zypp Electric reported a sharp rise in its losses for FY24, which surged 2.2 times to Rs 91 crore, compared to Rs 40 crore in the previous fiscal year.

According to its FY24 financials, the EV-as-a-service platform recorded a negative EBITDA margin of 19.47 per cent. Zypp Electric's total expenditure also saw a significant increase, rising 2.6 times to Rs 394 crore in FY24, up from Rs 152 crore in FY23.

Despite the growing losses, the company's operational revenue improved, reaching Rs 293 crore, up from Rs 109 crore in the previous fiscal year. Zypp's total revenue for FY24 crossed Rs 300 crore.

Founded in 2017, Zypp Electric operates a fleet of around 22,000 active vehicles. The company's primary revenue drivers in FY24 were vehicle rentals and delivery services.

In May 2023, Zypp Electric raised $15 million in funding to expand its fleet from 21,000 to 2,00,000 electric scooters and increase its operations to 15 cities across India by 2026. The funding round was led by Japanese conglomerate ENEOS, along with existing investors 9Unicorns, IAN Fund, and Venture Catalysts.

During FY23-24, Zypp Electric recorded total revenue of Rs 325 crore and expanded its presence to new cities, including Mumbai and Hyderabad. The company completed more than 50 million deliveries using its electric vehicles between January 2023 and March 2024.

To date, Zypp Electric has raised over $80 million in funding, including a $25 million round led by Taiwanese EV maker Gogoro in February 2023. The company provides delivery and ride-sharing services for over 50 major companies, including Zomato, Swiggy, Amazon, Flipkart, Dunzo, and Blinkit.