Who is the Founder of Revamp Moto?
Jayesh Tope, Pritesh Mahajan, and Pushkaraj Salunke are the founders of Revamp Moto.
What is Revamp Moto?
It is an EV startup. Till now, they’ve developed two fascinating EV bikes.
How much money did they ask for Revamp Moto?
They came to Shark Tank India seeking ₹1 Crore for 1% equity in their company. Which gives the company a valuation of ₹100 Crores.
Jayesh Tope worked with two startups before Revamp Moto. He learned about product development while he was working at Mahindra. Pushkaraj Salunke is a mechanical engineer and the technical backbone of the company. He’s very prompt and provides solutions to any problem given to him. Pritesh Mahajan comes from a business background, he worked as an AVP at the State Bank of India for 3 years.
So the team behind Revamp Moto was solid, there was no question about that.
The only thing I was wondering was, how many sharks will be able to take a bite of this fine startup.
There are many bike enthusiasts in the country. But at the same time, there are many people who use bikes on a daily basis to earn their livelihood. Keeping that in mind, Revamp Moto has made Mitra which has 10+ features added in its arsenal.
Charge Mitra once, and it’ll give you a range of 140 km. Speed is 65 km/hr. The weight capacity of Mitra is 200 kg.
There are many amazing features like folding tables, delivery baskets, koolkeep.
These features will be extremely useful for people who sell products on the road, delivery boys. You can even transport cold items using koolkeep. Just a reminder, if you use koolkeep, the range will slightly go down from 140 km. As it charges from the bike.
Two battery packs come with the bike, each battery gives a range of 70 km.
Another bike from Revamp Moto is RM25. Revamp Moto has both design & product patents for these 2 bikes.
Price of Revamp Moto
Revamp Moto Before Shark Tank India?
Revamp Moto has already got an order of 50,000 bikes. The order value is ₹250 Crores.
For parts, Revamp Moto has multiple vendors. They have vendors from Germany, Taiwan & China. So, no matter what there won’t be any issue of parts shortage. All the parts will come from abroad, but bikes will be made in India.
Which shark gave Revamp Moto an offer?
Aman Gupta gave the 1st offer. Which was ₹1 Crore for 3%.
Ashneer Grover gave the 2nd offer. Which was ₹1.2 Crore for 2.5%.
Vineeta Singh was out because she thought this business would require a lot of capital.
Namita Thapar was out.
Aman & Anupam gave a combined offer. They offered ₹1 Crore for 2%.
There were quite some arguments back and forth among Aman, Anupam & Ashneer. Ashneer was even okay to offer ₹1 Crore for 1.5% to get the deal from Revamp Moto.
|Aman Gupta & Anupam Mittal – ₹1 Crore for 1.5%
|Ashneer Grover – ₹1 Crore for 1.25%
On one side there was Ashneer, and on the other side, there were Aman & Anupam. The sharks were fighting for this deal.
|Jayesh Tope, Pritesh Mahajan, and Pushkaraj Salunke
|₹1 Crore for 1%
|₹1 Crore for 1.5%
|Aman Gupta & Anupam Mittal
|Company Net Worth
What deal did Revamp Moto get in Shark Tank India?
Finally, the deal was closed at ₹1 Crore for 1.5% with Aman Gupta & Anupam Mittal. Which gave the company a valuation of ₹66.67 Crores.