BattRE experienced a four-fold growth in FY22; however, the EV mobility startup did not achieve double-digit growth in the fiscal year FY23. Additionally, the profit of the Agility Ventures-backed firm plummeted by 87% compared to FY22.
According to the annual financial statements filed with the Registrar of Companies, BattRE’s revenue from operations declined by 6.5% to Rs 87 crore in FY23 from Rs 93 crore in FY22.
Founded in 2017 by Nischal Choudhary and Pankaj Sharma, BattRE manufactures two-wheeler electric scooters and offers three models named Storie, Loev, and One. The company claims to have over 400 outlets across 21 states in India.
The sale of scooters accounted for 97.7% of the total operating revenue, which decreased by 5.6% to Rs 85 crore in FY23. The remaining income came from the sale of allied services.
BattRE also entered partnerships with eight financial institutions including Bajaj Finance, ICICI Bank, Credit Fair, and Loan Tap in the previous year.
For BattRE’s EV manufacturing unit, the cost of procurement constituted 79.3% of its total operating expenses, remaining constant at Rs 69 crore in FY23.
Expenses related to employee benefits, import customs, freight, transportation, sales, marketing, legal, and other overheads totaled Rs 87 crore in FY23, compared to Rs 89 crore in FY22.
The stagnant revenue affected the company’s profits, which decreased by 87% to Rs 50 lakhs in FY23 from Rs 3.84 crore in FY22. The ROCE (Return on Capital Employed) and EBITDA margin declined to 11% and 2.8%, respectively. On a unit level, the company spent Rs 1.00 to earn a rupee in FY23.
BattRE faces competition from players like Ola, which reported an income of Rs 2,631 crore during FY23, and Ather, with a turnover of Rs 1,784 crore in the last fiscal. Other key players in the market include Bounce, Okinawa, Pure, among others.
As larger and established players such as TVS and Bajaj increase their presence and output in the segment, the future appears challenging for smaller players like BattRE unless they introduce a breakthrough offering.
