Jaipur-based electric mobility startup Batt:RE Electric Mobility reported a 17% growth in revenue, reaching Rs 103 crore in FY24, up from Rs 88 crore in FY23.
Founded in 2017, Batt:RE focuses on building inclusive and sustainable transportation solutions through its range of electric scooters and cycles. Its product portfolio includes models like LO:EV (city scooter), ONE (off-road), gpsie (hybrid), and Storie with ranges spanning 100 to 300 kilometers. The company aims to tackle urban traffic, pollution, and noise while promoting a greener planet.
Total expenses rose by 17% to Rs 102.2 crore in FY24, compared to Rs 87.5 crore in FY23. The largest cost component was material consumption, which accounted for 62.5% of total expenses in FY24, down from 78.5% in FY23 signaling improved supply chain and cost controls. Employee benefit expenses increased slightly to 5.2%, up from 4.5% in the previous year. Depreciation and finance costs stood at 0.8% and 1.7%, respectively, in FY24.
Despite the cost uptick, Batt:RE posted a modest profit of Rs 50 lakh in FY24, slightly higher than Rs 47.5 lakh in FY23, underscoring disciplined financial management and operational stability. EBITDA margin improved to 3.10% from 2.89%, while ROCE rose to 16.72% from 13.83%, indicating better capital efficiency.
Co-founded by Nishchal Choudhary, the company has raised Rs 16.72 crore across three funding rounds, with the latest seed round closed in February 2024. The co-founder holds a 33.69% stake, while Pankaj Tarachand Sharma owns 13.56%, and 8.73% is allocated to the ESOP pool.