Electric scooter manufacturer Bounce grew six-fold in the fiscal year ending March 2023 while also reducing losses by 19% at the same time.
Bounce’s revenue from operations surged to Rs 91 crore in FY23 from Rs 15 crore in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show.
Founded in 2014 by Anil G, Varun Agni, and Vivekananda Hallekere, Bounce initially focused on providing bike rental services. But in 2022, the company made a strategic shift to become an electric vehicle (EV) manufacturer. As a result, electric scooters contributed to 92% of the company’s total revenue in FY23.
The rest of the income came from renting vehicles, the sale of spare parts, and software subscription charges. Bounce also made Rs 8 crore from interest on deposits tallying its total income to Rs 99 crore in FY23.
Head to TheKredible for a complete revenue breakdown.
Being an electric two-wheeler maker, the cost of procurement constituted 30% of the overall expenditure and burned Rs 89 crore during the previous fiscal year. Bounce’s employee benefit costs remained flat in the same period.
Its legal/professional, advertising cum promotional, subcontractor, finance cost, amortization, and overheads took the overall expenditure to Rs 297 crore in FY23 from Rs 277 crore in FY22.
Check TheKredible for the detailed expense breakup.
Expenses Breakdown
https://thekredible.com/company/bounce/financials
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https://thekredible.com/company/bounce/financials
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- Employee benefit
- Legal professional
- Advertising promotional
- Subcontractor and manpower supply
- Finance cost
- Depreciation
- Others
- Cost of materials consumed
Bounce effectively managed to cut its costs, leading to a 19% reduction in losses to Rs 197 crore in FY23 from Rs 243 crore in FY22. Its ROCE and EBITDA stood at -82% and -142% respectively. On a unit level, it spent Rs 3.26 to earn a rupee in FY23.
FY22-FY23
| FY22 | FY23 |
| EBITDA Margin | -524% | -142% |
| Expense/₹ of Op Revenue | ₹18.47 | ₹3.26 |
| ROCE | -60% | -82% |
Bounce has raised around $200 million across several financing rounds. According to the startup data intelligence platform TheKredible, Accel is the largest stakeholder with 26.62% followed by Peak XV and B Capital. Go to TheKredible for the complete shareholding pattern.
