Electric scooter company Batt:RE witnessed a challenging year in FY23 with its top scale declining 6.3% to Rs 88.06 crore as compared to its preceding fiscal year’s Rs 93.97 crore.
Its revenue breakdown for FY23 revealed a heavy reliance on product sales, which constituted 97.525% of the total revenue, while service sales contributed a mere 2.475%.
Founded by Nishchal Chaudhary, the seven-year-old automotive tech firm offers a range of electric scooters including the LO:EV- city scooter, ONE- off-road scooter, and gpsie- hybrid scooter. Its scooters are powered by both electricity and gasoline and have a range of 100 to 300 kilometres.
The competition in the electric scooter segment has increased in the past few years with companies like Ola Electric, Baaz Bikes, Yulu and many others offering similar products through various payment methods.
Despite the revenue drop, Batt:RE managed to control its expenses, reducing them by about 2% from Rs 88.82 crore in FY22 to ₹87.34 crore in FY23. Although the company managed a reduction in expenses, the company still found its profitability being impacted.
In terms of funding, Batt:RE secured close to Rs 2.9 crore in its Seed round led by Agility Ventures in late 2022. Post the fundraising, the company saw Nishchal Choudhary as the major shareholder, with Kshitija Nishchal Karnik and Pankaj Tarachand Sharma holding approximately 30% and 15% shares, respectively.
The Jaipur-based company’s profits for the fiscal year ending March 2023 stood at Rs 47.52 lakhs, a stark 87% drop from the Rs 3.84 crore profit reported in FY22. The EBITDA margin was recorded at 2.89% and the ROCE at 13.83%.