COMPANY INTELLIGENCE PROFILE
Bycyshare Technologies Private Limited
Operates as "Zypp Electric" (earlier brand: "Mobycy" for bicycle-sharing, pre-2020).
Zypp Electric, incorporated in August 2017, is a Gurugram-based EV-as-a-Service platform. The company provides electric scooters and loaders on rental/subscription to delivery riders for partners like Swiggy and Amazon, aiming to decarbonize last-mile logistics. Founded by Akash Gupta and Rashi Agarwal, Zypp reported revenues of ₹449 crore for FY2024-25 but faced a net loss of ₹107.5 crore. Cumulative funding rounds total approximately $62.5-76.5 million, with plans for a pre-IPO round and a possible IPO by FY28.
AI-generated, may contain errors.
Business Overview
- Operates as "Zypp Electric", earlier brand: "Mobycy" for bicycle-sharing, pre-2020.
- Zypp Electric is a Gurugram-based, tech-enabled "EV-as-a-Service" (EVaaS) platform providing electric scooters and loaders on rental/subscription to gig-economy delivery riders working with Swiggy, Zomato, Zepto, Amazon and other last-mile logistics/e-commerce players.
- Core revenue lines: EV rental/delivery-as-a-service, ~75% of FY25 operating revenue, and vehicle rental income.
- Founded by husband-wife duo Akash Gupta (CEO) and Rashi Agarwal (CBO)
- Tushar Mehta (COO) joined later. Mission stated as decarbonizing India's last-mile logistics., Sources: company website zypp.app, Tofler, StartupPedia/news coverage, TechCrunch
Sector & Classification
NIC U63000 – "Supporting and auxiliary transport activities; activities of travel agencies" (per official CIN class code); business-facing classification on aggregator sites: Internet / Online Service Marketplaces / EV-as-a-service
Directors & Key Management
Directors — source notes
From Falconebiz (with DINs) and Tofler (names corroborated): - Akash Gupta — DIN 07300946 — Director & Co-founder/CEO - Rashi Agarwal — DIN 07300933 — Director & Co-founder/CBO - Madhav Sikka — DIN 02715131 — Nominee Director - Bruce Morrison Aitken — DIN 10052217 — Nominee Director DINs sourced from Falconebiz only (single-source for the DIN numbers themselves — names/roles corroborated by Tofler/TheCompanyCheck, so treated as "confirmed" for identities, "partial" for exact DIN accuracy since only one source surfaced the numeric DINs).
GST Registrations
Primary GSTIN: 06AAHCB3836D1ZY (Haryana, state code 06) — legal name "Zypp Electric" / Bycyshare Technologies Pvt Ltd (Source: microvistatech.com GSTIN lookup). PAN embedded (AAHCB3836D) matches the PAN reported by Tofler for the same CIN — cross-check passes. Home state: Haryana. Total number of state registrations: not obtained (only the Haryana GSTIN was found; company likely has additional state registrations given pan-India delivery operations across 10+ cities, but these were not independently confirmed — "not obtained"). Status: presumed active (not independently re-verified on GST portal per source restrictions).
Financials
Bycyshare Technologies Private Limited reported a 48-50% increase in revenue to ₹449 crore for FY2024-25. Delivery services contributed 75% to revenue. Total expenses rose by 42% to ₹556 crore, and the net loss widened to ₹107.5 crore. Net worth decreased significantly, with open borrowings totaling ₹119 crore.
AI-generated, may contain errors.
| FY2024-25, per StartupPedia, citing RoC filings, — Standalone figures, entity not specified as consolidated: | |
| Revenue | ₹449 crore, up ~48-50% YoY from ₹302.5 crore in FY24 |
| Revenue breakdown | Delivery services ₹323 Cr (75%), vehicle rentals ₹111 Cr, other operating income ₹4 Cr, non-operating income ₹11 Cr |
| Total expenses | ₹556 crore (+42% YoY); rider-related costs ₹355 Cr (64% of spend); employee benefit expense ₹67.3 Cr (+42% YoY) |
| Net Loss (PAT) | ₹107.5 crore, widened ~20% from ₹89.5 Cr loss in FY24 |
| EBITDA | not disclosed in available free sources, paywalled on TheCompanyCheck |
| Net worth | Tofler notes book net worth "decreased by 62.46%" YoY (FY24) — absolute figure not obtained |
| Borrowings/Charges, per Tofler, MCA charge filings: Open charges ~₹119 crore, TheCompanyCheck: open ₹119.04 Cr, satisfied ₹36.51 Cr, from lenders including HDFC Bank, Axis Bank, Northern Arc Capital, and others. | |
| Operating revenue range per Tofler/aggregator band: ₹100-500 crore for FY ending 31 Mar 2024/2025. | |
Funding History
- Cumulative funding ~$62.5–76.5 million across 11-12 rounds, figures vary slightly by aggregator — Tracxn cites $76.5M/12 rounds incl. debt, Inc42 cites $62.5M/11 rounds
- Latest post-money valuation ~$323-350 million (Jan 2025). Key rounds, Source: Inc42 funding tracker, EVreporter, TechCrunch, Business Standard, YourStory:
- Angel Round, Oct 2018 — undisclosed — Bhaskar Raju + others
- Seed, Nov 2019 — $2.0M — IAN Fund + others
- Seed, Jul 2021 — $0.5M — Venture Catalysts + others
- Series A, Sep 2021 — $7.0M — We Founder Circle + 12 others
- Debt, Apr 2022 — $1.0M — Northern Arc Capital
- Series B, Feb 2023 — $25.0M equity + $5.0M debt — led by LetsVenture syndicate/Gogoro-linked investors, TechCrunch coverage
- Series C1, May 2024 — $15.0M — led by ENEOS (Japan), with 9Unicorns, IAN Fund, Venture Catalysts, We Founder Circle participating
- Part of a larger planned $50M round, $40M equity + $10M debt
- Series C (extension), Jan 2025 — ~$6.5M (₹55.4 Cr) from 16 investors
- Reported investor base: 174 total investors, 69 institutional, 105 angel, per Tracxn, including Goodyear Ventures, British International Investment (BII), ENEOS Innovation, Venture Catalysts, Indian Angel Network Fund, We Founder Circle, 9/100Unicorns, IVY Growth Associates.
- Company reportedly planning a further $40-50M pre-IPO round and eyeing a ~$200M IPO around FY28, Outlook Business.
Loans & Charges
| Open charges | ~₹119 crore |
| Satisfied/closed charges ~₹36.51 crore, Source | Tofler, TheCompanyCheck — both corroborate the ~₹119 Cr open-charge figure. |
| Lenders identified | HDFC Bank, Axis Bank, Northern Arc Capital, and other NBFC/bank lenders, exact charge-holder-wise breakup and instrument dates not obtained. |
Credit Ratings
- Not obtained. No CRISIL, ICRA, or CARE rating for Bycyshare Technologies Pvt Ltd / Zypp Electric found in public search
- Company is VC-funded and appears to rely on structured/NBFC debt, Northern Arc, HDFC, Axis, rather than rated public debt instruments.
Legal & Compliance
- Indian Kanoon search returned the following matters naming the company as a party, Source: indiankanoon.org:
- 1. Upgrid Solution Private Limited vs Bycyshare Technologies Private Limited — Punjab & Haryana High Court — 29 July 2025
- 2. Sukuruddin vs ICICI Lombard General Insurance Co Ltd — Bangalore District Court — 4 Nov 2024, Bycyshare Technologies Pvt Ltd listed as a party at its Bengaluru address, likely a motor-accident/insurance matter involving a company vehicle
- 3. Ajay Kumar R vs ICICI Lombard General Insurance Co Ltd — Bangalore District Court — 3 May 2025, similar insurance-related matter, M/s Bycyshare Technologies Pvt Ltd named
- These appear to be routine commercial/insurance disputes rather than material litigation; no adverse regulatory or criminal proceedings found.
Competitive Landscape
- 1. Yulu — EV/bicycle micromobility, shared two-wheeler rentals for both consumers and gig workers, comparable/larger scale, well-funded — Bajaj Auto-backed
- 2. MoEVing — EV fleet-as-a-service for last-mile logistics, comparable scale, VC-funded
- 3. Battery Smart — battery-swapping network for EV riders, adjacent/complementary but competing for the same rider base
- 4. Euler Motors — EV commercial vehicle manufacturer + fleet operator, larger capex-heavy scale
- 5. Bounce Infinity — electric scooter rental/ownership platform, comparable scale
- 6. eBikeGo — EV rental platform for gig and personal mobility (smaller scale)
- Zypp differentiates by working B2B directly with platforms like Swiggy, Zomato, and Zepto to supply EVs to their gig riders, versus Yulu's more consumer/rider-direct model., Source: CanvasBusinessModel competitor analysis, Owler, Tracxn cross-references
Frequently Asked Questions
What does the company Zypp Electric do?
Zypp Electric operates as an EV-as-a-Service platform providing electric scooters and loaders on rental or subscription to gig-economy delivery riders working with various last-mile logistics and e-commerce companies like Swiggy, Zomato, Zepto, and Amazon.
What is the company's CIN?
The company's Corporate Identification Number (CIN) is U63000HR2017PTC070227.
What is the company's GSTIN?
The primary GSTIN for Zypp Electric is 06AAHCB3836D1ZY for the state of Haryana.
When was the company incorporated?
The company was incorporated on 08 August 2017.
What is the address of Zypp Electric's registered office?
The registered office of Zypp Electric is located at Tower 16, Flat 1201, The South Close, Sector 50, near Nirvana Country, Gurgaon, Haryana, India to 122018.
Sources
Tofler (tofler.in/bycyshare-technologies-private-limited/company/U63000HR2017PTC070227), TheCompanyCheck (thecompanycheck.com/company/bycyshare-technologies-private-limited/U63000HR2017PTC070227), Falconebiz (falconebiz.com/company/BYCYSHARE-TECHNOLOGIES-PRIVATE-LIMITED-U63000HR2017PTC070227), microvistatech.com (GSTIN lookup), Inc42 (inc42.com/company/zypp-electric/funding), StartupPedia (FY25 financials), EVreporter/TechCrunch/Business Standard/YourStory (funding news), Tracxn (shareholding, funding aggregate), indiankanoon.org (legal cases), zypp.app (official site, business description).
Information compiled from public registry and secondary sources. It may be incomplete or dated; verify independently before relying on it.