EMO Energy reported a 17x increase in revenue, reaching Rs 7 crore in FY24, up from Rs 38.7 lakh in FY23.
Founded in 2022 in Bengaluru, EMO Energy develops fireproof, high-performance battery packs with its proprietary ZEN tech, enabling 20-minute charging and 10+ year life. Its patented thermal and battery management systems are complemented by SENS, an AI-powered platform providing real-time battery health and credit insights without needing historical or OEM data for fleets, insurers, and financiers.
EMO Energy has raised a total of Rs 68.55 crore in funding across four rounds, with the latest Series A round completed in January, 2025. Co-founder Rahul Ratilal Patel leads the company alongside Sheetanshu Tyagi. Patel and Tyagi each hold 18.03%, with ESOPs accounting for 11.11%, and 100X.VC holding 3.54%.
The company’s expenses rose sharply to Rs 11.75 crore in FY24, up from Rs 1.95 crore in FY23, as it scaled operations and team size. Employee benefit costs formed the largest share at 48% of total expenses in FY24, up from 30.3% in FY23. Cost of materials increased to 21.7% in FY24 from 19.5% in FY23, while advertising expenses remained minimal at 0.85% in FY24.
EMO’s losses widened to Rs 4.9 crore in FY24, from Rs 1.55 crore in FY23. However, its EBITDA margin significantly improved to -68.46% in FY24 from -400% in FY23, indicating early signs of operating leverage. Its Return on Capital Employed (ROCE) improved to -90.73% in FY24, up from -1128.70% in FY23.