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EV firm Bounce on track to report over Rs 150 Cr revenue by FY25

Entrackr · 26d

Bounce, an electric scooter manufacturer, is making progress toward achieving an annualized revenue of Rs 150 crore in FY25. This will be a more than four-fold increase compared to FY23 figures. With several long-term contracts secured across various sectors, the company is on track to achieve the aforementioned revenue in FY25, according to sources familiar with the development. "Bounce Electric achieved positive EBITDA in September 2024, its average revenue run-rate in October stood at Rs 200 crore," said one of the sources aware of the financial numbers of the company. This would be a significant turnaround for the Bengaluru-based company, which reported an operating revenue of Rs 36 crore in FY24. According to sources, it closed last fiscal year with Rs 35.88 crore revenue and Rs 44 crore loss. This shows that the company’s collection fell 60.6% in FY24 from FY23 when it recorded Rs 91 crore in revenue. The downfall in scale was guided by phase 2 battery compliance rule. Bounce lost 6 months of production and it didn’t launch any scooter in the first half of the last fiscal year (FY24). This took a toll on the company’s collection in the last fiscal year. For background, Bounce posted Rs 91 crore in FY23 alongside losses of Rs 197 crore. While the company made Rs 35.88 crore from the sale of scooters, the remaining Rs 51 crore came from the custom manufacturing for Belrise which specializes in component manufacturing for automotive and white Goods Industries. Its audited financial results for FY24 have yet to be filed. At the start of FY22, Bounce shifted its focus to electric scooter manufacturing by acquiring 22Motors. Entrackr exclusively reported about it. This pivot appears to have paid off, as the firm managed to grow its scale multifold as compared to its previous model. As per sources, Bounce’s growth is guided by its focus on providing a strong electric solution for B2B companies in logistics, e-commerce, and quick commerce. Its “plug-and-play” EV model simplifies the transition to electric vehicles by handling all operational costs and maintenance. Detailed queries sent to Bounce on Thursday last week didn't elicit any response. Bounce claims to be the only OEM in the EV industry to offer an uptime guarantee, along with options of choosing battery sizes and types, with access to battery-swapping services from multiple providers. Before this pivot, Bounce raised approximately $200 million across several financing rounds. According to the startup data intelligence platform TheKredible, Accel is the largest stakeholder with a 26.62% share, followed by Peak XV and B Capital. Visit TheKredible for the complete shareholding pattern.