For our daily purposes, like going to the office or dropping kids at school, we take out our 5 to 7-seater car. If everyone brings out their large car, there will be more traffic on the road. And transporting will be difficult. If only there was a solution to this.
Kalpit Patel is an Engineer by profession. He’s 35 years old. He completed his MBA also. He used to work in a bank. The distance between his house and workstation was only 10 km but the traffic was so bad that he started thinking about a solution to this problem.
He realized that most people use a huge car but only has 1 to 2 person inside. He felt the need for a smaller car in the market. He made a couple of prototypes.
How much money did he raise for PMV?
To support PMV Electric he invested ₹50 Lakhs of his own money. Later he raised ₹53 Lakhs from a couple of investors.
Who is the Founder of PMV?
What is PMV?
PMV stands for “Personal Mobility Vehicle”. He started the company in 2018. He has a team that helped him build the prototypes. He has another core team member who has 25+ years of experience in car building.
How much money did he ask for PMV?
He came to Shark Tank India seeking ₹1 Crore for 1% equity in the business. Which gives the company a valuation of ₹100 Crores.
Kalpit tried to solve this problem by making a smaller car for just 1 or 2 people. He named the car EaS-E. This will become your everyday car.
It’s fully electric, meaning you’re not polluting the environment more. It’s a 2 seater micro car. Two people can’t sit side by side. The passenger has to sit in the back.
Features of PMV application
There’s an application for the car called EaS-E Connect. With the application, you can
- Turn on the headlights
- Turn on the hazard lights
- Honk the car
- Move the car forward and backward
It has a counter feature for honking. Every time you press the horn, the counter will add 1 to it. When seeing the honk counter you will be slightly conscious about it.
The price of EaS-E is ₹4 Lakhs.
Specifications of PMV
|160 km in a single charge
Aman Gupta raised some security concerns about the car. Like, the car is quite small and doesn’t have any airbags.
PMV Before Shark Tank India?
PMV Electric already has 1000+ pre-orders. Kalpit is assuming this number will go up to 10,000. He currently doesn’t know how big the market is.
Which shark gave PMV an offer?
Vineeta Singh was out because she thought the current model PMV has will not attract mass audiences in India.
Aman Gupta thought the car would be hard to sell. He didn’t like the car as a consumer, that’s why he was out.
Namita Thapar thought Kalpit was too early in the sector. That’s why she was out.
Peyush Bansal was out because he couldn’t add any value to this business.
Anupam Mittal was impressed by Kalpit. He wanted to bet on the guy and offered ₹60 Lakhs for 4% & ₹40 Lakhs debt.
|Anupam Mittal – ₹60 Lakhs for 4% & ₹40 Lakhs debt
Kalpit thought about the offer and returned with a counteroffer. The counteroffer was ₹1 Crore for 2%. He didn’t want debt at this point of his journey.
Anupam Mittal gave another counteroffer of ₹1 Crore for 6.67% of the company.
|₹1 Crore for 1%
|Company Net Worth
What deal did PMV get in Shark Tank India?
Kalpit politely declined the offer. PMV didn’t get any deal in Shark Tank India.