Bounce, the electric scooter manufacturer, is set to achieve a remarkable revenue of Rs 150 crore by FY25, marking a significant recovery and growth for the company. This will represent more than a four-fold increase over its FY23 revenue figures.
The company’s promising financial trajectory comes as a result of several long-term contracts secured across various industries, positioning it to reach this target by FY25. Sources close to the development have confirmed these projections.
In September 2024, Bounce Electric turned a corner with a positive EBITDA, and by October, its average revenue run-rate surged to Rs 200 crore, according to internal financial data.
This strong growth is a major turnaround for the Bengaluru-based company, which reported a modest operating revenue of Rs 36 crore in FY24. Despite this, Bounce faced significant challenges during the previous year, closing FY24 with just Rs 35.88 crore in revenue and a loss of Rs 44 crore. The company’s revenue dipped by 60.6% in FY24 compared to the Rs 91 crore recorded in FY23, largely due to delays caused by compliance with the phase 2 battery regulation. This setback halted production for six months, affecting its output in the first half of FY24.
To provide context, Bounce had posted a revenue of Rs 91 crore in FY23 alongside a substantial loss of Rs 197 crore. In FY24, while the bulk of revenue—Rs 35.88 crore—came from electric scooter sales, another Rs 51 crore was earned through custom manufacturing for Belrise, which serves the automotive and white goods industries.
In FY22, Bounce made a strategic pivot, acquiring 22Motors to focus exclusively on electric scooter production, a move that has now yielded substantial growth. This transition has proven effective, with the company seeing a significant increase in scale compared to its earlier business model.
Bounce’s expansion is attributed to its focus on offering electric solutions for B2B sectors like logistics, e-commerce, and quick commerce. Its “plug-and-play” EV model helps businesses transition to electric vehicles by managing all operational costs and maintenance, simplifying the process for its clients.
The company also stands out in the industry for its unique offering of an uptime guarantee, along with customizable battery sizes and types, as well as battery-swapping services from various providers.
Before its pivot, Bounce raised around $200 million through several rounds of funding. According to data from the startup intelligence platform, Accel holds the largest stake in the company with a 26.62% share, followed by Peak XV and B Capital.