Shared mobility and EV company Bounce’s business shrank 83% in FY21
- ByStartupStory | February 26, 2022
Bounce’s business fell 83% to Rs 14 crore for the fiscal year ended March 2021 as the pandemic of dedicated shared mobility services. The information was sourced by the Ministry of Corporate Affairs MCA.
The company’s overall revenue is only down 52% (Rs 53 crore ) as the company earning from interest, fixed deposits and other investments. the company was able to secure $105 mil from B Capital and Accel Partners at a valuation of $520 million before the pandemic.
The proceeds also helped the firm to manufacture electric vehicles later in 2021, by acquiring 22 motors for $7 million. The company said it would invest $25 million into the EV business. The financials do not impact the company’s strike into the EV business.
According to the financials, Bounce’s expenses fell from Rs 143 crore to Rs 29.9 crore and it cut costs in promotion, fuel, legal, rent, power and advertising. As the business took a hit, the company laid off 40-60% of its employees in June 2020.
Follow Startup Story
Related Posts
