Tirex Chargers is an EV charging company that generates revenue by selling and installing EV chargers.
The firm saw its revenue hiking 67% to Rs 13.3 crore in FY23 as compared to its preceding fiscal year’s about Rs 8 crore.
Witnessing a similar growth, it generated over Rs 13 crore from operations the same fiscal.
Based out of Ahmedabad, Tirex Chargers have EV AC and DC chargers ranging from 7kW to 360kW for two and three wheelers, four wheeler and heavy vehicles. It claims to have installed EV chargers of 10,000 kW for customers like Foton and Olectra.
It additionally offers subscription services that allow customers to access a network of chargers across the country.
The decade old firm saw an over 68% rise in its expenses in the fiscal year ending March 2023. While the cost of materials took up a major portion of the fiscal’s expenditure, employee benefits and transportation costs followed with over 6% and close to 5% respectively.
This pushed the company’s overall expenses for the year to Rs 13.3 crore, an equal to its revenue generated.
The Arth Patel and Sanskar Patel led firm secured a Seed round of over Rs 15 crore from HNI Investor in 2022.
Post the infusion of the round, while founder Sanskar Patel held a majority of the company’s shares, the likes of Kanika Khandelia and Shrikant Goyal owned about 2% each.
The automotive startups’ losses dropped a massive 70% to Rs 1.23 lakhs from FY22’s Rs 4 lakhs. While remaining in the positives, its EBITDA margin dropped to 4.61% and ROCE to 2.11%.