Intercity mobility startup Zingbus nearly doubled its operating scale in the financial year ended March 2025, with revenue crossing the ₹150 crore mark, even as the company continued to report losses amid aggressive expansion.
According to financial statements filed with the Registrar of Companies (RoC), Zingbus’ revenue from operations surged 85% year-on-year to ₹161 crore in FY25, up from ₹87 crore in FY24. The Gurugram-based company generates its entire income from intercity bus ticketing services.
The sharp revenue growth was accompanied by a significant rise in costs, largely driven by fleet expansion. Bus hire charges remained the biggest expense head, accounting for over 63% of total expenditure. This cost jumped 147% to ₹121 crore in FY25 from ₹49 crore a year earlier. Guarantee commissions paid to fleet partners increased 78% to ₹16 crore, while employee benefit expenses rose 7% to ₹15 crore. Advertising and promotional spends grew a modest 9% to ₹6 crore.
Overall, Zingbus’ total expenditure climbed 65% to ₹191 crore in FY25 from ₹116 crore in FY24.
Despite higher costs, the company improved its operating efficiency. EBITDA losses narrowed to ₹30.4 crore in FY25 from ₹38.7 crore in FY24, with EBITDA margins improving sharply from -44.5% to -18.9%. Net loss for the year stood at ₹25 crore, largely unchanged from the ₹24 crore loss reported in the previous fiscal.
On a unit economics basis, Zingbus spent ₹1.19 to earn every rupee of operating revenue in FY25, compared to ₹1.33 in FY24. The company reported cash and bank balances of ₹3 crore, with current assets totalling ₹9 crore at the end of the year.
Founded as an intercity bus mobility platform with a focus on electric vehicles and carbon neutral rides, Zingbus has raised $25 million to date from investors including Info Edge, AdvantEdge Technologies and BP Ventures. While regulatory shifts, charging infrastructure and fuel price dynamics remain sector wide risks, Zingbus’ improving efficiency and brand traction position it as a notable early mover in India’s evolving intercity transport market.
Follow Startupbydoc for daily startup insights, funding news, IPO analysis, and business breakdowns.