Electric scooter maker on Friday reported that its loss for the financial year 2021-22 had widened as expenses outpaced revenue growth.
Its loss of Rs 344.1 crore for the financial year ended March 31, 2022 was higher than a loss of Rs 233.3 crore incurred in FY21.
The electric two-wheeler maker generated a total income of Rs 413.9 crore, compared with Rs 83.3 crore in FY21, with expenses rising 2.4X to Rs 718.2 crore in the fiscal year 2021-22.
The startup’s biggest rival, , also earlier posted a wider loss of Rs 784.15 crore for FY22 on the back of an annual revenue of Rs 456.26 crore.
Earlier this week, announced a Rs 900 crore fundraise via a rights issue from its existing shareholders—Hero MotoCorp and Singapore’s state investor, GIC.
(This story will be updated with more details)
Edited by Kanishk Singh
