EV logistics startup Zypp Electric’s parent Bycyshare Technologies narrowed its consolidated net loss to ₹59.7 crore in FY26, down 44.4% from ₹107.5 crore a year earlier, according to regulatory filings with the Ministry of Corporate Affairs.
Operating revenue rose 5.2% to ₹461 crore, up from ₹438.1 crore in FY25. Including other income of ₹14.6 crore, total revenue for the fiscal year stood at ₹475.6 crore.
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, earning primarily through last-mile delivery services and EV rentals. Delivery services remained the largest revenue stream at ₹322.4 crore, roughly flat year-on-year, while EV rentals – used by delivery partners working with platforms like Zomato, Blinkit and Zepto – grew 24% to ₹137.7 crore. The company also recorded an exceptional expense of ₹45 lakh tied to labour code amendments.
On the cost side, total expenses fell 3.8% to ₹534.8 crore. Rider expenses, the largest cost head, dropped 5.7% to ₹334.6 crore, while employee benefit expenses declined 5% to ₹64 crore. Battery swapping expenses, however, surged 40.3% to ₹24 crore as the company expanded its fleet and swapping infrastructure.
The narrower losses come as Zypp gears up for a $200 Mn IPO, having roped in Axis Capital, SBI Capital Markets and DAM Capital as bankers, with listing expected within the next 22 months. Zypp competes with Yulu, Alt Mobility, MoEving, EVeez and Baaz in India’s EV logistics space.
