Ampere is an electric vehicle manufacturing startup that announced a 45.6 percent decrease in operational revenue to Rs 612 crore in FY24. The startup provides models for two-wheeler electric vehicles like Reo Elite, Magnus, and more. The EV firm also caters to industrial vehicles like e-tricycle trucks. The scooter and scrap sales are the company’s primary source of revenue. The sales from two-wheeler electric vehicles accounted for 70.5 percent of total revenue and declined by 59 percent to Rs 432 crore in FY24.
The firm also earns its income through the sales of three-wheeler electric vehicles. These sales increased by 2.5 times to Rs 178 crore. The non-operating services contributed Rs 29 crore to the total income. These services brought the overall revenue to Rs 641 crore in FY24. The company has secured over $227 million across multiple funding rounds since its inception, including $220 million raised from Abdul Latif Jameel during its series B funding round.
The startup failed to manage its for this fiscal year. The cost of materials decreased by 40 percent and stood at Rs 526 core in FY24. This cost accounted for 61 percent of the total expenses. The legal, advertising, warranty, and other expenses brought the total expenditure to Rs 857 crore in this financial year. The startup reported a 975 percent increase in its losses to Rs 215 crore in the same duration. Meanwhile, employee benefits saw a 48.5 percent increase and crossed Rs 101 crore in FY24.
The company intends to manage its losses for this financial year by taking cost-cutting measures. The firm’s total expenditure decreased by 26.9 percent to Rs 857 crore in FY24. The startup offers its electric vehicles through its online platform and offline stores across India. The company managed to enter the three-wheeler electric vehicle market segment to strengthen its market presence in the EV sector. The firm has institutional investors including Forum Synergies and Axon Partners Group.
The EV manufacturer offers vehicles with features including eco-friendly rides, variant color options, insurance options, and more. The company posted its EBITDA Margin of -27.46 percent in FY24 while the ROCE stood at -45.4 percent in the same duration. Ampere Vehicles faces competition from other electric vehicle manufacturing platforms such as Ola Electric, Hero Electric, and Ather Energy.
Conclusion :
The electric vehicle manufacturing startup announced a 45.6 percent cut in its revenue from operations to Rs 612 crore in FY24. The EV firm provides multi-category electric vehicles. The company focuses on manufacturing two and three-wheeler electric vehicles. The sale of two-wheeler electric vehicles is the firm’s primary source of revenue.
The company’s net loss grew by 975 percent to Rs 215 crore in FY24. The total expenditure decreased by 26.9 percent and crossed Rs 857 crore in this financial year. The company plans to minimize its loss and improve its offerings. The company has secured over 227 million USD across multiple funding rounds to date.
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