- Entrepreneurs: Jayesh Tope, Pushkaraj Salunke & Pritesh Mahajan
- Business: EV Bikes
- Ask: ₹1CR for 1% equity
- Result: ₹1CR Lakh for 1.5% equity
- Sharks: Anupam Mittal, Aman Gupta
Revamp Moto Shark Tank Pitch:
An EV startup hailing from Nasik introduced two exciting models of their EV bikes. Their two-wheeler, the ‘Revamp Mitra,’ is a versatile vehicle designed for more than 10 different purposes, with a particular focus on delivery and assisting street vendors. It can cover a distance of up to 140 kilometers on a single charge, reaching a top speed of 65 kmph, and it’s capable of carrying a hefty 200kg load. The bike is also seamlessly connected through a mobile app, offering users a better understanding of its features and real-time data. Additionally, it comes equipped with 10 different attachments, including a folding table, delivery basket, and even a fridge, essentially transforming it into a mobile shop.
When they made their debut on the show, they had already secured a signed termsheet worth 250 Crores for an order of 50,000 bikes. Remarkably, they achieved this milestone by completing the prototype within 45 days and conducting market testing simultaneously. The company also holds design and product patents for these bikes, and impressively, over 90% of the bike’s components are sourced from India.
Revamp Moto Shark Tank Negotiations:
Aman starts off with an initial offer of 1 Crore for a 3% equity stake, which the company counteroffers with 1 Crore for 2%. Anupam Mittal then inquires if they would consider 1 Crore for 2%, to which the entrepreneurs respond with a polite “not really.” Ashneer steps in with an offer of 1.2 Crores for a 2.5% equity share. Unfortunately, Vineeta and Namita bow out due to concerns about the capital-intensive nature of the venture and a lack of clarity about the product, respectively.
Anupam and Aman join forces with a combined offer of 1 Crore for 2% equity. Ashneer follows suit with an offer of 1 Crore for 1.75%. After a heated discussion and several rounds of negotiations, Anupam delivers his famous line about investing in over 200 companies. This eventually persuades the entrepreneurs, leading Ashneer to make a final offer of 1 Crore for a 1.5% equity stake, with both Aman and Anupam matching that offer. Ashneer then responds with a final counteroffer of 1 Crore for 1.25%. This intense back-and-forth exchange becomes one of the most memorable moments in Shark Tank history, and I highly recommend watching it.
After carefully considering all the offers and seeking advice from their advisors, the entrepreneurs ultimately accept Anupam and Aman’s joint offer of 1 Crore for a 1.5% equity stake.
What happened to Revamp Auto after Shark Tank?
Our research shows that the deal with the sharks successfully closed, and according to reliable sources, the company went on to secure additional funding from venture capitalists and other sharks on the panel.
As of September 2023, the company is thriving, and they have introduced ‘Mitra Two.’ With a mission to positively impact one million lives by 2027, the company appears to be on the right track for robust growth.
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Image source: Revamp Moto Instagram
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