EV Startup Bounce Reports Massive 500% Sales Surge in FY23 to INR 91 Cr

Bounce is an electric two-wheel manufacturer based in Bangalore, India. The company was founded in 2019 and has since then been working to provide affordable and efficient electric scooters to the Indian market. Bounce has a strong focus on safety and has incorporated features such as redundant brakes, anti-lock braking systems (ABS), and electronic stability control (ESC) in their scooters. They also have a range of models with different specifications and prices to cater to different consumer needs. Bounce has partnerships with various government initiatives and private companies to promote sustainable transportation in India.

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Bounce, the electric two-wheel manufacturer, saw a promising shift in its financials for the year 2022-23 (FY23). Their net loss took a significant dip, decreasing by 19% to INR 197 Cr compared to INR 243.3 Cr in the previous fiscal year. This positive trend was largely attributed to the surge in revenue, propelled by the introduction of their electric vehicles (EVs) into the market.

During the fiscal year under review, Bounce experienced a remarkable surge in operating revenue, marking a staggering 510% increase to INR 90.9 Cr, a significant leap from INR 14.9 Cr in FY22.

The primary source of revenue for Bounce remains the sale of its electric scooters. Notably, in FY23, they generated approximately INR 83.5 Cr from escooter sales, a stark contrast to zero sales recorded in FY22. This substantial growth signifies a promising trajectory for the startup in the electric vehicle industry.

Established back in 2014 by Anil G, Varun Agni, and Vivekananda Hallekere, Bounce initially kicked off its journey as a bike rental platform. However, the company made a significant shift in 2022, transitioning into the realm of electric vehicle (EV) manufacturing. Presently, it not only produces and sells EV scooters but also facilitates customers to directly rent out these eco-friendly scooters from specified locations.

In the financial year 2022, the company witnessed a remarkable surge in its total revenue, which almost tripled from INR 33.4 Cr to INR 99.1 Cr when considering all sources of income.

In the financial year FY23, the total spending saw a rise of 7%, reaching INR 297.3 Cr compared to INR 276.7 Cr in FY22.

When it comes to acquiring materials as an original equipment manufacturer (OEM), the startup invested a significant sum. In FY23, it allocated INR 89.1 Cr for procurement, a considerable increase from the modest INR 8.79 Lakh spent in FY22.

Regarding employee expenses, there was a 6% uptick. The startup disbursed INR 47.4 Cr in FY23 for its workforce, up from INR 44.9 Cr in FY22.

Did you know, back in January 2023, the startup had to let go of about 3-4% of its team in a restructuring effort? That wasn’t the first time though. Even earlier, in early 2021, Bounce had to say goodbye to around 200 employees.

Based out of Bengaluru, this startup managed to secure a whopping $105 million in its Series D funding round back in January 2020, thanks to partners like Accel and B Capital, among others. In total, they’ve raised over $214 million to date.

Bounce, the electric two-wheel manufacturer, experienced a notable transformation in FY23. The company’s financial performance showcased a substantial decrease in net loss, driven by a remarkable surge in operating revenue, particularly from the sale of electric scooters. This shift marked the success of Bounce’s transition from a bike rental platform to an electric vehicle (EV) manufacturer. Strategic investments in material procurement and the successful restructuring in January 2023, despite initial employee layoffs, demonstrate Bounce’s adaptability. Moreover, the significant funding secured further positions the startup for advancement and innovation.