Euler Motors net loss: Euler Motors net loss jumps five-fold to Rs 175.44 crore in FY23

israel: Israel's judicial proposals prompt startups to relocate: government agency


Euler Motors, which manufactures and sells electric three-wheeler commercial vehicles, saw its net loss widen almost five-fold in FY23 to Rs 175.44 crore, from Rs 36.33 crore in FY22.

During the year, the company spent nearly Rs 4 to earn a rupee in operating revenue. The Delhi-based company reported a 250% on-year jump in revenue from operations to Rs 61.53 crore, according to its financial statements filed with the Registrar of Companies.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
Indian School of Business ISB Product Management Visit
MIT MIT Technology Leadership and Innovation Visit
Indian School of Business ISB Digital Transformation Visit

During FY23, as it scaled up, the firm added significantly to some of its expense lines, including warranty costs, rental costs, employee expenses and research costs.

The company’s biggest expense head—cost of materials consumed—ballooned to Rs 67.71 crore in FY23, from Rs 9.04 crore in FY22, taking total expenses up by over four-fold to Rs 240.15 crore in FY23.

Also read | Ather Energy’s operating revenue hits Rs 1,783 crore

During calendar year 2022, prices of lithium-ion battery packs, a key component for most electric vehicle (EV) makers, witnessed an unprecedented increase as demand for EVs and energy storage units surged. This was the first increase in prices of lithium-ion batteries in at least 10 years, according to data from BloombergNEF. In 2023, however, the prices softened again.

Discover the stories of your interest


On November 6, ET reported that Euler Motors has raised Rs 120 crore at a lower valuation than its previous fundraise. The company had said it was tracking an annual revenue run rate of Rs 200 crore for the ongoing financial year.Euler Motors’ founder and chief executive officer, Saurav Kumar, had told ET at the time that the funds raised will be used to expand the business from 22 cities then to 40 cities by the end of FY24, strengthen its charging network, and also used for the day-to-day running of the firm.

In FY23, the company spent Rs 11.02 crore towards rent, significantly higher than the Rs 1.41 crore in FY22, as it expanded its footprint across the country.

The company’s Rs 120-crore fundraise — an extension of its Series C round — saw participation from new investors such as UK government-backed British International Investment and Indian venture firm Green Frontier Capital, in addition to existing backers Blume Ventures, Athera Venture Partners, GIC Singapore and others.

According to data sourced from government portal Vahan, Euler Motors sold 883 vehicles in FY23, against 341 vehicles in FY22. In the ongoing financial year, the company has sold 1,880 vehicles so far.

In April, Euler Motors laid off around 250 people, mostly in the sales and research functions.

During FY23, the company’s employee benefit expenses rose more than 350% year on year to Rs 56.11 crore.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.



Source link

Online Company Registration in India

Leave a Reply

Your email address will not be published. Required fields are marked *