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EV two-wheeler manufacturer BGauss raises Rs 161 Cr

EntrackrEntrackr · 6m ago
EV two-wheeler manufacturer BGauss raises Rs 161 Cr
Medial

EV two-wheeler manufacturer BGauss raises Rs 161 Cr Electric two-wheeler manufacturer BGauss has raised Rs 161 crore ($18.6 million) in funding from Bharat Value Fund (BVF). The round includes a mix of primary and secondary capital. Earlier in April 2022, BGaus had raised Rs 52 crore (around $6 million) from a group of investors led by Darshan Patel, founder of Vini Cosmetics Pvt. Ltd. The proceeds will be used to expand its presence in India and overseas. It also plans to allocate the funds toward capital expenditures, marketing efforts, and enhancing in-house research and development (R&D) for upcoming product launches. Founded in 2020 by Hemant Kabra, BGauss scooters integrate design with AI-enabled technology, providing comfort, low maintenance, power, fast charging, IoT integration, and convenience. The Pune-based startup currently claims to serve around 45,000 customers and plans to expand its dealership network from 120 to 500, with a target of establishing over 1,000 touchpoints across India. BGauss’s manufacturing capacity, currently at 100,000 units per year, is also set to scale as demand increases. BGauss plans to launch two new products this year. In June 2024, the company introduced the RUV 350 scooter, featuring a 3.5-kilowatt motor, 165 Nm peak torque, and a top speed of 75 km/h. For the fiscal year ending in March 2024, BGauss reported Rs 177 crore in revenue from operations against Rs 110 crore in FY23. During the period, its lossed also jumped nearly two-fold to Rs 49.65 crore. BVF, a Category II Alternative Investment Fund managed by Madhu Lunawat of Pantomath Capital Management, invests in growth-stage, profitable businesses like Haldiram Bhujiawala, Aniket Metals, and Millennium Babycares.

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Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt

EntrackrEntrackr · 11m ago
Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt
Medial

Ather Energy has continued to raise debt funding before its potential public listing. The Bengaluru-based company has raised Rs 60 crore (over $7 million) in debt from Stride Ventures through its trustee Vistra ITCL. This is the second debt infusion in the electric scooter manufacturer in the past two months. Stride Ventures invested Rs 200 crore via debentures in May. Entrackr had exclusively reported the fundraise which also had equity investment from co-founders. While Ather IPO timeline is yet to be known, it took a definitive step towards public listing by converting itself into a public company in June. Ather has raised around $450 million to date from the likes of Tiger Global and Hero MotoCorp. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake. Following a four-fold growth during FY23, Ather’s revenue from operations decreased slightly to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by Hero Moto Corp. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. Ather maintained its position as the fourth largest two-wheeler EV manufacturer with 6,097 units sold in June 2024 and a market share of 7.66%, according to Vahan data. Its arch rival Ola Electric stayed on top with sales of 36,716 units, controlling a market share of 44%. The company recently said that it will set up its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. The new facility will produce electric two-wheelers as well as battery packs.

Okinawa’s revenue nosedives 87% to Rs 182 Cr in FY24

EntrackrEntrackr · 3m ago
Okinawa’s revenue nosedives 87% to Rs 182 Cr in FY24
Medial

Okinawa’s revenue nosedives 87% to Rs 182 Cr in FY24 Okinawa Autotech, once a prominent player in India’s electric two-wheeler space, saw its revenue plunge by nearly 87% in FY24, posting a loss of Rs 50 crore, which signaled a major setback for the homegrown EV brand. Okinawa’s revenue from operations decreased to Rs 182 crore in FY24 from Rs 1,144 crore in FY23, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Founded in 2015, Okinawa Autotech is an electric two-wheeler manufacturer known for models like the PraisePro, iPraise+, Okhi-90, Ridge+, Lite, and R3. The sale of electric two-wheelers was the sole source of revenue for the Gurugram-based firm. Okinawa's sales declined significantly from 95,931 units in FY23 to 20,873 units in FY24. The company's market share also dropped from 13.17% to 2.20% during the same period. In the current fiscal year (FY25), it has managed to sell only 3,548 units, translating to a market share of just 0.31%. For the electric vehicle manufacturer, the cost of procurement accounted for 68% of the overall expenditure. To the tune of scale, this cost was reduced by 80% to Rs 171 crore in FY24 and Rs 859 crore in FY23. Its employee benefits shrank by 16% to Rs 26 crore in FY24. Okinawa’s advertising cost diminished by 88% to Rs 4 crore in FY24. Its rent, warranty claims, freight, and other overheads took the overall cost to Rs 251 crore in FY24 from Rs 991 crore in FY23. The sharp contraction in scale led Okinawa to report a Rs 52 crore loss in FY24. For context, the company posted Rs 166 crore of EBITDA in FY23. Its ROCE and EBITDA margins worsened to -102% and -25.8% respectively. On a unit level, it spent Rs 1.38 to earn a rupee in FY24. By the close of FY24, Okinawa’s total current assets were valued at Rs 276 crore. Okinawa competes with Ola Electric, which reported Rs 1,045 crore in revenue for Q3 FY25, and Ather, which filed its DRHP to raise Rs 3,100 crore through an initial public offering (IPO). In the traditional two-wheeler market, it faces competition from established players like Bajaj, Hero, and TVS Electric. Okinawa’s decline is the result of several challenges, including fire safety issues, stricter regulations, a loss of consumer trust, and growing competition from better-equipped rivals. Once seen as a leader in the EV space, the company now faces the tough realities of a maturing market, where success depends on innovation, compliance, and consistency.

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