We report the theory and experiment of a new time-delayed chaotic (hyperchaotic) system with a single scalar time delay and a nonlinearity described by a closed form mathematical function. Detailed stability and bifurcation analyses establish that with the suitable delay and system parameters, the system shows a stable limit cycle through a supercritical Hopf bifurcation. Numerical simulations exemplify that the system depicts mono-scroll and double-scroll chaos and hyperchaos for a range of delay and other system parameters. Nonlinear behavior of the system is characterized by Lyapunov exponents and Kaplan–Yorke dimension. It is established that, for some suitably chosen system parameters, the system shows hyperchaos even for a small or moderate time delay. Finally, the system is implemented in an analogue electronic circuit using off-the-shelf circuit elements. It is shown that the behavior of the time delay chaotic electronic circuit qualitatively agrees well with our analytical and numerical results.