- Founder: Zubair Ahmed Bhat & Sheikh Yameen
- Business: E-Bike Rental
- Ask: ₹50 Lakhs for 5% Equity
- Valuation/ Networth: ₹10 Crores
- Funding: No Deal
- Sharks: No Deal
- Pitch: Youtube
- Episode: Season 4 Episode 3
Curve Electric Shark Tank India Pitch:
Curve Electric is Jammu and Kashmir’s first public E-bike sharing system. The company appeared on Season 4 Episode 3 of Shark Tank India. Starting in 2023, Curve Electric has already prevented 145 Metric tons of CO2 emissions to keep the air clean which is equivalent to planting 7,200 trees. The founders sought an investment of ₹50 Lakhs for 5% of the company valuing the business at ₹10 Crores.
Curve Electric has conducted successful pilots in Sri Nagar & Ganderbal. The company is targeting 10 more Himalayan cities for further expansion. They are also hoping to onboard 20 universities in this mission and turn them towards green energy.
Curve Electric has 11 docking stations in Sri Nagar. The unique proposition of the company is that its front end is manual with docking stations manned by executives & its back end is tech-driven. To rent an E-bike, rider must provide an ID and phone number. Then they enter the OTP to register in the database. Then they select an E-bike and they can ride it to any of the docking stations at the end. Consumer make the payment after the ride.
Geofencing has been set up and an alert is sent if E-bikes leave that zone. The founders shared that in last two years, they had zero theft and zero vandalism. They have a fleet size of 150. The company have done 55,000 rides so far. The bikes are also designed in-house due to different train of Jammu & Kashmir.
Curve Electric’s Financials & Revenue during Shark Tank India:
Yameen owns a majority stake in Curve Electric with 57% equity, Zubair has another 33%, Incubators have 4% and 6% is with Angles who were part of a recent fund raise. The company closed their pre-seed round in October 2024 where it raised ₹50 Lakhs at ₹8.5 Crore valuation.
The company charge ₹1.5 per minute of use for their e-bikes. Their first year was FY22-23 where they made revenue of ₹4.5 Lakhs with 55 cycles. They closed that year with zero EBITDA. In FY23-24, They made revenue of ₹21 Lakhs with an EBITDA of ₹1.5 Lakhs. So Far for FY24-25, They made a revenue of ₹29 Lakhs until October 2024 with an EBITDA of ₹4.5 Lakhs. They are projecting to close the year with revenue of ₹60 lakhs.
Each bike costs the company ₹30,000 including GPS and the payback period for each bike is 4 years. The payback period will drop to 2 years with EBITDA levels of 25-30%. Battery life is of 1,500 cycles which would need replacement after 5 years.
Curve Electric’s average per-ride revenue is ₹97. For unit economics, maintenance and service costs come to ₹12.5, and on-ground salaries and expanses come to ₹29, leaving them with a gross profit of ₹55.5. After this, core team expenses are at ₹24, and variable costs like server costs take ₹16.5 which gives the company EBITDA of ₹15. Each bike earns on average ₹4,000 per month.
Curve Electric Shark Tank India Negotiations & Funding:
Aman felt like the market was too small so he went out. Vineeta went out due to complex revenue models. Kunal shared the same sentiment so he went out but he told entrepreneurs to stay in touch with him as he would like to see the progress for next little while and then consider it again.
Anupam thought that manpower dependency would come in between scaling the business. Therefore he went out as well. Peyush could not see how he would make money in this business but he loved the entrepreneur. Due to this, he decided to go out of the deal as well. Curve Electric left the tank without a deal.
Who is the founder of Curve Electric?
Zubair Ahmed Bhat & Sheikh Yameen founded Curve Electric. They are from Sri Nagar, Jammu and Kashmir. They are both childhood friends. Zubair has an MBA in finance.
How is Curve Electric doing after Shark Tank India?
Our research in Curve Electric revealed that while they did not get a deal on Shark Tank India, Their appearance on the show had a positive impact on the business as it gave them nationwide exposure. The response to their pitch from the public was also overwhelmingly positive.
We also found that seems like the founders took some of the sharks feedback and pivoted their model to now also sell their bikes online so that they can have high revenues and cater to a bigger TAM. You can check out their website for more information or click the Amazon button below to see similar products to their bikes.
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