EV Startup Bounce’s FY23 Sales Jump Over 500% To INR 91 Cr

Electric two-wheel manufacturer Bounce’s net loss declined 19% to INR 197 Cr in the financial year 2022-23 (FY23) from INR 243.3 Cr in the previous year as its revenue shot up on it beginning the sales of its electric vehicles (EVs). 

The startup’s operating revenue zoomed 510% to INR 90.9 Cr during the year under review from INR 14.9 Cr in FY22.

Bounce primarily earns revenue by selling its electric scooters. In FY23, it earned around INR 83.5 Cr from escooter sales as compared to no sales in FY22. 

Founded in 2014 by Anil G, Varun Agni, and Vivekananda Hallekere, Bounce began operations as a bike rental platform. However, it pivoted to become an EV manufacturer in 2022. Currently, it manufactures and sells EV scooters and also allows customers to directly rent out the escooters from designated points. 

Including other income, the startup’s total revenue nearly tripled to INR 99.1 Cr from INR 33.4 Cr in FY22.

Where Did Bounce Spend?

Total expenditure increased 7% to INR 297.3 in FY23 from INR 276.7 Cr in FY22.

Procurement Cost: Being an original equipment manufacturer (OEM), the startup’s biggest expenditure was the cost of raw materials. It spent INR 89.1 Cr on procurement in FY23 as against a negligible INR 8.79 Lakh in FY22.

Employee Cost: The startup’s employee cost rose 6% to INR 47.4 Cr from INR 44.9 Cr in FY22. 

It is pertinent to note that the startup laid off around 3-4% of its workforce in January 2023 in a ‘restructuring drive’. Prior to that, Bounce laid off around 200 employees in early 2021. 

The Bengaluru-based startup last raised a funding of $105 Mn in a Series D round in January 2020 from Accel partners, B Capital and others. Overall, it has raised a total funding of over $214 Mn till date. 

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.