goEgo Network, an electric vehicle (EV) charging infrastructure solutions provider, reported a 29% decline in revenue in FY24, dropping to Rs 2.48 crore from Rs 3.54 crore in FY23.
Founded in 2019 by Sayantan Chakraborti, Dheeman Kadam, and Pravin Kumar, the Pune-based company offers a range of EV charging solutions, including both DC and AC charging stations for residential and commercial use.
The automotive tech firm has raised a total of Rs 74.87 crore in funding over 2 rounds, with the most recent Series A round completed in August 2022. goEgo Network’s current valuation exceeds Rs 120 crore.
Rishi Kumar Bagla holds the largest stake in goEgo Network at 27%, followed by RK Bagla HUF, while Sayantan Chakraborti maintains a significant share of over 20%.
In line with the revenue decline, expenses also decreased from over Rs 10 crore in FY23 to Rs 9.76 crore in FY24. Employee benefits accounted for the largest portion of these expenses at 29%, followed by the cost of materials at over 20%. Travelling costs and legal and professional charges also contributed significantly.
The company’s losses narrowed by 2% to Rs 5.64 crore in FY24, compared to FY23.
goEgo Network’s current EBITDA margin and ROCE continued to be negative at -202.40% and -40.20% respectively.