Swytchd Shark Tank India Pitch:
Swytchd is an Indian Startup which appeared on Shark Tank India Season 2. The founder started the business with the idea that the younger generation doesn’t necessarily want to own everything but they want to experience everything. Swytchd is an all-inclusive electric vehicles subscription business.
Swytchd’s monthly fees offer vehicles, insurance, servicing, breakdown support and free charging. Customers have a choice to switch vehicles every month if they desire. They also have a flexibility to stop their services as well and cancel the subscription. The company has been operational since December 2021.
Swytchd has provided 127 vehicles to their monthly subscribers in eight months of their operations. The founder shared that their waitlist also has 700 additional customers. The founder sought an investment of ₹50 Lakhs in exchange for 3% equity in the company valuing the business at ₹16.67 Crores.
Swytchd’s Financials During Shark Tank India:
Swytchd founder shared that they only have 30 vehicles in their books which are considered assets under the company. The rest of the fleet is on an operating lease model. Their subscription fee is ₹4,599 per month. At the time of their pitch, The company was making a recurring revenue of ₹5.6 Lakhs per month.
In July 2022, The company made a revenue of ₹3.7 Lakhs, and they made ₹2.1 Lakh a month prior. The sharks commented that the company is growing at a good rate. The founder also shared that they have over 250 confirmed signed orders as well. The company is projecting to reach monthly revenue of ₹13 Lakhs by end of FY22-23.
Swytchd Shark Tank India Negotiations & Funding:
Aman felt that the founder did not understand Indian consumers and this model would not work in India therefore he went out as well. Namita also didn’t agree with the vision and she went out as well. Peyush didn’t see the business growth as well therefore he went out as well. Anupam felt like the margins would shrink with expansion therefore he went out as well.
Amit was interested in the business. He liked the business and knew he wanted to be part of it, but the founder didn’t convince him. Due to this, he decided he was not going to move forward with it. Swytchd walked out of the tank without a deal.
Who are the founders of Swytchd?
Sameer Arif founded Swytchd. He is from Banglore and he was 29 years old at the time of his pitch. He has a background in the automotive. Sameer has been in several management and leadership roles at Jaguar Land Rover group in the UK.
How is Swytchd doing after Shark Tank India?
Our research in the company revealed that while Swytchd didn’t get a deal on Shark Tank India, their appearance on the show had a positive impact on the company. The founder shared on LinkedIn that the company has turned EBITDA positive in September 2023. Its also notable that the company did end up raising capital in 2023 as well after their appearance on the show. In total they raised venture capital of $553k and $700k of debt.
Despite all those positives, The company does not seem to be doing very well in late 2024. While their website is still up, Their socials, including their founders, have gone quiet since early 2024, and it is leading us to believe that the company is no longer in business. You can click amazon button below to check out Shark Tank India Products.
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Here are other companies from Season 2 Episode 38.