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Zypp Electric reports Rs 303 Cr revenue in FY24 as losses rise 2.2X

EntrackrEntrackr · 1y ago
Zypp Electric reports Rs 303 Cr revenue in FY24 as losses rise 2.2X
Medial

B2B delivery and shared mobility startup Zypp Electric raised $14 million shortly after the end of FY24, driven by consistent growth fueled by the rise of quick commerce and food delivery. The Gurugram-based firm reported a 2.6X increase in scale, with total revenue surpassing Rs 300 crore during the fiscal year ending March 2024. Zypp Electric’s revenue from operations surged to Rs 293 crore in FY24, up from Rs 109 crore in FY23, according to its standalone financial statements accessed by Entrackr from the Registrar of Companies. Founded by Akash Gupta and Rashi Agrawal in 2017, Zypp Electric is an EV-as-a-service platform offering electric vehicle rentals along with delivery services through its e-scooter fleet for gig workers. The company claims to have around 22,000 active vehicles in its fleet, with 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai. Income from vehicle rentals and delivery services was the primary revenue source for Zypp Electric. The company has not disclosed a breakdown of its revenue for FY24. However, in FY23, 76% of revenue came from delivery services, with the remainder from vehicle rentals. It also offers advertising solutions on its scooters and helmets, though it appears this has not yet generated significant revenue for the firm. Reflecting its growth, Zypp Electric’s total expenditure surged 2.6X to Rs 394 crore in FY24, compared to Rs 152 crore in FY23. Employee benefits and rent-repairs rose by 2.1X and 3.9X, respectively, in FY24. Zypp Electric didn’t disclose a detailed breakdown of other expenses, listing Rs 274 crore under miscellaneous, which likely includes payments to riders, legal fees, advertising, and other operational expenses. FY23-FY24 FY23 FY24 EBITDA Margin -17.12% -19.47% Expense/₹ of Op Revenue ₹1.39 ₹1.34 ROCE -18.23% -100% In pursuit of growth, losses for the firm rose 2.27X to Rs 91 crore in FY24, up from Rs 40 crore in FY23. Its ROCE and EBITDA margin stood at -100% and -19.47%, respectively. On a per-unit basis, Zypp Electric spent Rs 1.34 to earn a rupee in the last fiscal year. To date, Zypp Electric has raised over $80 million, including $25 million led by Taiwanese EV maker Gogoro in February 2023. According to TheKredible, IAN Fund is the largest external stakeholder, followed by 9Unicorns and Anthill Ventures. Zypp Electric has raised over $80 million to date, including $25 million funding led by Taiwanese EV maker Gogoro in February 2023. According to the startup data intelligence platform TheKredible, IAN Fund is the largest external stakeholder followed by 9Unicorns and Anthill Ventures.

Zypp Electric revenue grows 50% in FY25; losses stands at Rs 107 Cr

EntrackrEntrackr · 2d ago
Zypp Electric revenue grows 50% in FY25; losses stands at Rs 107 Cr
Medial

B2B delivery and shared mobility startup Zypp Electric continued its strong growth momentum in the fiscal year ended March 2025, recorded a 50% year-on-year jump in scale, and crossed Rs 400 crore in revenue. Zypp Electric’s revenue from operations grew to Rs 438 crore in FY25 from Rs 293 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). Zypp Electric is an EV-as-a-service platform offering electric vehicle rentals along with delivery services through its e-scooter fleet for gig workers. Revenue from delivery services accounted for 74% of operating revenue, which rose 56% to Rs 323 crore in FY25. Income from the renting of vehicles grew 32% to Rs 111 crore in FY25 from Rs 84 crore in FY24. The firm generated Rs 11 crore from interest income, which pushed its total income to Rs 449 crore in FY25. On the spending side, the company booked 64% of its total cost under expenditure on production, transportation, and other operating activities (riders' expenses), which grew by 49% to Rs 355 crore in FY25 from Rs 238 crore in FY24. Employee benefit expenses increased by 43% to Rs 67 crore, while depreciation charges stood at Rs 38.5 crore. Its rent, legal, and other overheads took Zypp Electric’s total expenses up by 42% to Rs 556 crore in FY25 from Rs 392 crore in FY24. Despite the growth, the 42% increase in total cost led the company to post a loss of Rs 107.5 crore in FY25 compared to Rs 89.5 crore in FY24. Its ROCE and EBITDA margin stood at -52.16% and -15.98%, respectively. On a unit basis, the company spent Rs 1.27 to earn a rupee in FY25. Zypp Electric recorded cash and bank balances of Rs 72.5 crore, while its current assets stood at Rs 174.5 crore during the said period. Zypp Electric has raised around $76.5 million of funding to date, with ENEOS Group as its lead investor. In a recent development, the Gurugram-based company is raising Rs 55.4 crore ($6.5 million) from 16 investors, as part of its ongoing Series C funding round. Zypp’s competitor, Yulu’s operating revenue jumped 98% year-on-year to Rs 237.4 crore in FY25. The company also trimmed its losses by 12% to Rs 126 crore in FY25, compared to Rs 142.8 crore in FY24.

Myntra profit zooms 18X to Rs 548 Cr in FY25

EntrackrEntrackr · 5m ago
Myntra profit zooms 18X to Rs 548 Cr in FY25
Medial

Myntra, the fashion e-commerce platform owned by Flipkart, crossed the Rs 6,000 crore revenue mark in the fiscal year ending March 2025, while its profit after tax (PAT) surged 18X during the same period. Myntra’s revenue from operations grew by 18% to Rs 6,042.7 crore in FY25 from Rs 5,121.8 crore in FY24, according to its consolidated financial statement sourced from the Registrar of companies (RoC). The company generates revenue from logistics, marketplace, and advertising services. Logistics contributed 48.3% of operating revenue, rising nearly 20% to Rs 2,918.9 crore in FY25. Marketplace services accounted for 34% of revenue, increasing 15.6% to Rs 2,051.8 crore, while advertising income surged 28% to Rs 914.5 crore. Myntra also earned Rs 157.5 crore from other income sources. The firm made Rs 94.3 crore from non-operating revenue, primarily from royalty income, which pushed its total revenue to Rs 6,042.7 crore in FY25. Advertising costs, the company’s largest expense surged 37% to Rs 2,105.3 crore in the last fiscal year, whereas burn on logistics rose 6.45% to Rs 1,999 crore. In contrast, employee benefit expenses fell 6.4% to Rs 748.8 crore. Other overheads, including finance costs, payment gateway fees, and (IT) expenses, added Rs 870.6 crore during the fiscal year. In the end, Myntra’s overall expenses grew by 11.7% to Rs 5,723.7 crore in FY25, as compared to Rs 5,123 crore in previous fiscal. Myntra’s controlled spending and sustained growth across revenue streams boosted its profit nearly 18X to Rs 548.3 crore in FY25. This follows a profit of Rs 31 crore in FY24, marking a sharp turnaround from a loss of Rs 782 crore in FY23. Its ROCE and EBITDA margin improved to 24.71% and 8.78%, respectively. On a unit basis, the company spent Rs 0.95 to earn a rupee during the fiscal year. The Bengaluru-based firm recorded cash and bank balances of Rs 22.8 crore while its current assets were worth Rs 4,762.4 crore in FY25.

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