Started by three friends, Revamp Moto is an electric vehicle startup based out of Nagpur. The founders pitched the company in the fifth episode of Season one of Shark Tank India. While two sharks decided against investing in the company, two groups of Sharks fought a fierce battle of wars and valuations to win over the founders.
In this piece, I will walk you through what exactly is Revamp Moto, the Revamp Moto Shark Tank Pitch, and share updates on what happened with Revamp Moto after their Shark Tank Appearance.
Revamp Moto Shark Tank Pitch & Deal
As soon as the founders entered the room, they shared that they are an EV startup and will be showcasing 2 electric scooters. The founders also told the sharks they were seeking Rs 1 crore in exchange for 1% equity in their company.
What differentiates Revamp Moto from other EV startups is that it is designed for use cases other than just traveling. Many Indian, including vendors, use bikes for much more than just going from one place to another. Revamp Moto has designed their scooter keeping the use cases of Indian ingenuity in mind.
The startup has two variants — RM Buddie 25 and RM Mitra. The Mitra bike runs 140 kilometers on one charge, has a speed of 65 km per hour, and can hold a weight of up to 200 kg. The bike is also connected, meaning all information related to the bike can be accessed via an app. Apart from this, the bike comes with 10 different attachments, meaning it can function as a small shop. The latter portion of the bike can be turned into a folding table, delivery basket, fridge, and more.
After the founders shared all this information, the shark seemed very impressed with the product. When Ashneer asked the founders to share a little bit about their background, it turned out all three of them had diverse and relevant experiences. After that, the founders also shared they had already got an order of 50,000 vehicles at an order value of Rs 250 crores.
When Aman inquired about the business projections, Pritesh shared that they are planning to produce 10,000 units in the year and have the required facilities for the same. The founders also shared that they have patents and ways to meet unexpected demand.
After hearing all this, Aman decided to give an offer of Rs 1 crore for 3%. The founders countered by Rs 1 crore for 2%. Aman also tested the bike and loved the bike. Ashneer offered 1.2 crores for 2.5% equity. Both Vineeta and Namita said they are out citing their own reasons. Aman and Anupam come together to give an offer of Rs 1 crore for 2%.
Ashneer counters with an offer of Rs 1 crore for 1.75%. After a war of words between Ashneer and the other two sharks, Ashneer drops his offer to Rs 1 crore for 1.5%. When Aman and Anupam match the offer, Ashneer offers Rs 1 crore for 1.25%.
The founders go out of the room to discuss and arrive at a decision and come back with the news that they want to go ahead with Aman and Anupam’s offer.
What Happened to Revamp Moto after Shark Tank ( Revamp Moto Update )
A year since Revamp Moto’s Shark tank appearance, Revamp Moto seems to be going strong. After the Shark Tank appearance, Ashneer Grover and Peyush Bansal also invested Rs 50 lakhs each in the company.
As per a Dec 2022 interview with the Times of India, the company will mainly be dealing with B2B orders for now while individual B2C orders can be a thing of the future. The founders claim Revamp Moto is on a mission to offload 250,000 vehicles cumulatively on the road by 2025.
In Dec 2022, Revamp Moto also finally launched the RM Buddie 25 scooter, which it showcased as a prototype in the Shark Tank show. The unique aspect of RM Buddie 25 is that it comes with the following different types of attachments — base rack, carrier, child seat, insulated box, and saddle stay and bag. Launched at a price tag of Rs 66,999, the scooter’s delivery is expected to begin in April 2023.