Mobility startup Bounce’s revenue remains flat at Rs 15 crore for FY22

Electric vehicle and ride-sharing company Bounce posted Rs 15 crore in income from operations in the year ending March 31 (FY22), flat from the previous fiscal year, while losses dipped 20% to Rs 203 crore.

Employee benefit expenses shrank 67% to Rs 44 crore from Rs 136 crore in FY21.

Finance costs, depreciation, depletion, and amortisation expenses also declined, bringing down total expenses to Rs 276 crore in FY22 compared to Rs 358 crore in FY21.


In FY21, despite revenue from operations falling 83% because of the Covid-19 pandemic, Bounce’s overall revenue only fell 52% to Rs 53 crore as the company earned income from interest from fixed deposits and other investments.

In January 2020, before the onset of the pandemic, the company was able to raise $105 million from Accel and B Capital at a valuation of $520 million. This helped Bounce increase its income from interest.

The proceeds also helped the firm pivot to electric vehicle manufacturing in 2021 after it acquired 22 motors for $7 million in November.

The company said in October that it would invest $25 million in the EV business.

In FY22, the company's revenue outside operations declined by more than half to Rs 18 crore from Rs 38 crore.

Bounce recently fired 100 employees and a similar number of support staff.

Its maiden vehicle Bounce Infinity has yet to rack up significant numbers in India's electric two-wheeler sales charts, even as the company has been attempting to raise funds over the last year.

ET reported on January 30 that Bounce has secured $20 million (Rs 163 crore) in funding from existing investors including Sequoia Capital. This is expected to provide a crucial cash runway for the startup while it remains in talks for a potentially larger round.

Bounce has adopted a battery-swapping model for its scooter. This would allow the company to sell scooters without a battery, bringing down the price tag. Customers could rent charged batteries from its network, like refuelling petrol-powered scooters.

A government policy on electric batteries, which is expected to bring in standardisation and interoperability, has yet to be released.