India’s electric vehicle revolution is on the move. It’s happening, and now, EV startups are beginning to win some big investments too. And they are doing so on Shark Tank India itself – which is a show where startup owners and entrepreneurs pitch in their products and services in order to win investments by the ‘sharks’ of India Inc. Nashik-based EV developer Revamp Moto pitched its modular electric bike, called the Revamp Mitraa and RM25 on Shark Tank India. The men behind Revamp Moto are Jayesh Sahebrao Tope, Pritesh Prakash Mahajan and Pushkaraj Narendra Salunke, and they have managed to win a Rs 1 Crore investment.
The trio co-founders’ concept of bringing the EV vehicle with utility attachments is one of the first in India. The idea was brought in by Aman and Anupam from the sharks’ panel who ended up investing 1 Crore INR for 1.5% Equity which took the valuation to INR 66 Crores. Designed for micro-entrepreneurs, these electric bikes built on modular utility platforms come in multiple variants and can have multiple uses with folding tables, delivery baskets, etc that can take up to 200kgs of weight.
Jayesh Sahebrao Tope, who is one of the founders of Revamp Moto said, “Owing to the current environmental concerns of today, we’ve engineered EV Bikes in a manner that will prove to be a comfortable and pollution free product for our consumers. Not only this, our bikes provide additional features that can alter itself pertaining to the user’s requirements, which will be a game changer for the end consumers. Starting Revamp Moto was our first step towards making a difference and bringing about a change for the betterment of our country.”
He added, “And, being on Shark Tank India is truly a great experience for all of us as it is helping us take our dream to greater heights and putting our country on the maps for EV modular utility bikes. We are really overwhelmed with receiving guidance from the Sharks who are such experienced businessmen & who have made a mark in the business industry with their revolutionary ideas. Hoping that we can empower micro-entrepreneurs in the right way with our business venture.”
How Investment into Revamp Moto will Encourage Entrepreneurs to go Electric
For Revamp Moto to win a Rs 1 crore investment on Shark Tank India shows that the EV startups continue to evoke confidence among investors. In fact, investors of all shades are bullish on the growth that India’s EV industry is witnessing. For Revamp Moto to win investment on a show like Shark Tank India will surely motivate entrepreneurs across the country to work towards electric vehicles themselves.
This will eventually lead to the remarkable growth of India’s EV industry. Meanwhile, Shark Tank India has popularised EV bikes among Indians to a great extent. You see, the main market which EV startups like Revamp Moto are trying to make inroads into is not the common Indian consumer base, but e-commerce, delivery and grocery giants who would like to have electric fleets to cut down on transportation and logistical costs and comply with environmental regulations.
Gradually, though, electric vehicles and bikes will be popularised among Indians at large. Already, Ultraviolette Automotive, a new-age Indian electric vehicle startup is setting up its first manufacturing facility in Bengaluru. The production of its high-performance electric motorcycle – the F77, will begin in Q1, 2022 and the first batch of motorcycles will be rolled out in the market in March 2022. This bike is meant for the Indian public.
Narayan Subramaniam, Founder and CEO of Ultraviolette earlier worked as an automobile designer at Volkswagen, Germany before coming back to India to set up his new company. This shows how entrepreneurs are confident of the EV sector witnessing stupendous growth in India soon. Ultraviolette had set an ambitious target of furnishing 15,000 units of the electric bike by the end of 2021. However, the ultimate goal for the company is to produce around 1.2 lakh units per year.
The confidence in the success of the product can be gauged by the fact that TVS Motor Company, in September last year, invested Rs 30 crore as part of Series B round of funding for the startup, which incidentally was the second investment made by TVS in Ultraviolette. With Ola, Ather, and other big companies jumping into the growing EV market, Ultraviolette has stiff competition. But competition is what makes an industry alive, and the growing competition within the EV industry is a good sign for India.