What is Hornback?
Hornback is an electrical bicycle startup. It offers full-size diamond-frame electric folding bicycles.
One can easily fold the Hornback cycle and carry it anywhere they want. Using the patented mechanism you can easily move this cycle without lifting the cycle.
Even though it can be folded, it doesn’t compromise on handling and ride quality.
The cycle comes with a 250W battery. It only takes 4 hours to charge fully. It will give you a range of 45 km.
Who is the Founder of Hornback?
Hornback Before Shark Tank India?
They’ve already got 80 orders. They want to revolutionize the bicycle industry.
How much money did they ask for on the pitch?
They came to Shark Tank India seeking ₹50 Lakhs for 1% equity in the company. Which gives the company a valuation of ₹50 Crores.
How much money did they raise for Hornback?
They raised ₹3.33 Crores on ₹15.33 Crores valuation.
How to get Hornback?
When someone buys a cycle online they get the entire cycle disassembled. They have to put together the pieces themselves. But not with Hornback.
When you order a Hornback cycle it will come to your doorstep folded. All you need to do is unfold the cycle and it’s ready to ride. There’s no hassle of any kind.
How to fold the Hornback Cycle?
Folding the cycle is really easy.
- There’s a steering limiter on the handlebar. First, you need to lock that.
- Make sure the left pedal of the cycle is at its highest position.
- There’s a safety lever. You need to push the lever first. Then you can unclamp the latch easily.
- Hold the left brake with your left hand and hold the cycle seat with your right hand.
- Pull the down tube slightly upwards.
- There’s a male-female lock. Locate the locks and firmly push until you hear a clicking sound.
Unit Economics of Hornback
The price of a foldable electric cycle is ₹44,999. The market size for premium cycles in India is around ₹1,400 Crores.
Which shark gave Hornback an offer?
Namita Thapar was out. She didn’t find the folding ability exciting enough to invest.
Peyush Bansal was out. He advised them to onboard a strategic investor in the company.
Anupam Mittal was out. He thought their marketing and brand building was not good enough to become big in the international market.
Aman Gupta was out. He advised them to work on their brand building.
Amit Jain had domain expertise in the bike & cycling industry. He offered them ₹30 Lakhs for 2% & ₹20 Lakhs debt at 12% interest. He valued the company ₹15 Crores.
|Amit Jain – ₹30 Lakhs for 2% & ₹20 Lakhs debt at 12% interest
The founders didn’t like the debt part.
What deal did Hornback get in Shark Tank India?
Hornback got a deal from Amit Jain in Shark Tank India. The deal was ₹50 Lakhs for 2.5%.
|Nishith Parikh & Rajkumar Kewat
|₹50 Lakhs for 1%
|₹50 Lakhs for 2.5%
|Company Net Worth
What is the net worth of Hornback?
After the Shark Tank India deal, the net worth of Hornback is ₹20 Crores.
Is Hornback still in Business?
Yes, Hornback is still in business.