Zypp Electric cuts FY26 loss 45% ahead of proposed IPO

Zypp Electric’s parent Bycyshare Technologies brought its consolidated net loss down to ₹59.7 Cr in FY26, from ₹107.5 Cr in the previous fiscal year. That represents a 44.4% reduction. Operating revenue rose 5.2% to ₹461 Cr, while total revenue, including other income of ₹14.6 Cr, reached ₹475.6 Cr.

The company’s expenses also declined, falling 3.8% to ₹534.8 Cr from ₹556.1 Cr. Rider expenses remained the largest cost centre at ₹334.6 Cr, down from ₹355 Cr, while employee benefit expenses decreased to ₹64 Cr from ₹67.3 Cr. An exceptional expenditure of ₹45 Lakh was recorded for amendments in the labour code.

Delivery services remained Zypp’s largest revenue stream, contributing ₹322.4 Cr in FY26, marginally below ₹323.1 Cr in FY25. Its electric two-wheeler rental business generated ₹137.7 Cr, up 24% from ₹111 Cr, with riders using the vehicles for deliveries on platforms such as Zomato, Blinkit and Zepto.

Battery-swapping expenses rose 40.3% to ₹24 Cr from ₹17.1 Cr as Zypp expanded its electric two-wheeler delivery fleet and battery-swapping infrastructure. The company generates revenue through last-mile delivery services and electric vehicle rentals for gig workers.

So what, concretely? Zypp enters its proposed public-market process with a smaller loss, higher operating revenue and a growing rental segment, but it remains loss-making. It has appointed Axis Capital, SBI Capital Markets and DAM Capital for a proposed $200 Mn IPO, slated to happen in the next 22 months.