EV Startup Revamp Moto raises Rs 1 crore – Shark Tank India stories
Indian families have come a long way from sitting together at night, watching comedy shows to watching shark tank India. Shark tank has become the new household name in India. It is encouraging entrepreneurial discussions in Indian households and providing budding entrepreneurs with a platform to promote their products at a level that would otherwise be impossible. The startup ideas are so innovative that various entrepreneurs have the sharks fighting each other to invest. One of such brilliant startups is Revamp moto.
Revamp Moto
Founded by Pritesh Mahajan, Jayesh Tope, and Pushkaraj Salunke, Revamp moto is a Nashik-based EV Startup. Revamp moto presented their modular utility electric vehicles, the Revamp Mitra and RM25, on Shark Tank India and raised Rs 1 crore.
The founders of Revamp moto have come a long way from quitting government jobs to securing Rs. 1 crore on national television. “I left my government job without informing my family as no parent would let their son resign from a good service,” said Pritesh Mahajan on the show.
Revamp Mitra impressed the sharks with its various features designed specifically for the Indian market. It’s a customizable model. It comes with various attachments like panniers, side rack, back seat, delivery basket, food box, modular shop, folding table, and a front rack.
“We have put our blood, sweat, and tears into this product and have worked on it for a year now,” said Jayesh Tope on the show.
Their innovative idea of developing an electric vehicle with utility attachments fascinated the investors. The entrepreneurs were looking for sharks' support in building their brand. Their request was for Rs 1 crore in exchange for a 1% stake in their company.
Aman Gupta, Boat's co-founder, and CMO made the first offer of Rs 1 crore for a 3% stake. BharatPe's Ashneer Grover offered Rs 1.2 crore in exchange for 2.5 percent ownership.
Soon after, Gupta teamed up with Anupam Mittal of People Group to invest Rs 1 crore at a 2 % equity stake. Along with Gupta and Mittal, the trio concluded the purchase for Rs 1 crore for 1.5 percent equity.
The e-bikes' pricing range is yet to be announced. The company claims that the e-bikes will be qualified for FAME subsidies and will be able to pass on the cost-benefits to its customers. already gotten orders from a number of Indian companies and plans to produce 10,000 units this year.
You may also like: Ashneer Grover's career choices have been varied and remarkable
