On the Tank
Booz founder Rutvij is an automotive engineer turned entrepreneur who lives in Bhavnagar (a place where many founders are born) and completed his graduation in 2019 from Gujrat Technological University.
Also, he is a member of SAEINDIA and learned machine learning fundamentals from the University of London. He previously worked with Menza Motors, the Institute of Infrastructure Technology Research and Management (IITRAM), Volvo cars, and Next modular vehicles
Why started the business?
Rutvij found it difficult to travel a short distance from Pg to his college; he didn’t want to buy a vehicle but was looking for a temporary solution. After researching, he found that many companies in the USA and Europe bring electric kickstart scooters to city transportation. Further experimentation found that these kick scooters are not for Indian infrastructure but can be used in some confined places.
Then in 2017, Booz Scooters was born, which is an application-based electric kick scooter service provider operating in business and commercial parks, residential areas, industrial areas, education campuses, tourist spots, picnic spots, hotels, clubs, resorts, and many more premises.
Shark Tank Recap
- About the company/Product: Booz is operating as a MAAS- Mobility as a service, which facilitates ease in commute and leisure.
- Ask- Rupees 40 lakhs for 15% of equity in the company making the valuation stand at 2.67 Crores
- Deal- 40 lakhs (20 lakhs each) for 50% equity (valuation 80 lakhs). As, the business would require more hard work, time, and energy.
Shark Tank Live
Ask
Rupees 40 lakhs for 15% of equity in the company making the valuation stand at 2.67 Crores
Business Model of Booz
Booz is operating as a MAAS- Mobility as a service, which facilitates ease in commute and leisure.
However, Booz doesn’t manufacture their scooters but instead has an exclusive agreement with their supplier.
Booz Scooter Sales and Revenue
Moreover, he stated that he had invested around 10 lakhs till now.
Despite, facing challenges due to COVID-19, Booz has generated a revenue of 4 lakhs in 10 operational months. Correcting him shark Aman Gupta said that you are wrong you have invested 40 lakhs (10lakhs investment +30 lakhs salary for 3 years) in this business and just generated 4 lakhs.
Feedbacks from the sharks
- Anupam Mittal- Intra-campus cannot be profitable until and unless you connect a whole state or city, so stop this segment and this is not valuable for me.
- Namita – I can’t relate to the product and as such no excitement about the product.
- Aman- He said that you are wrong you have invested 40 lakhs (10lakhs investment +30 lakhs salary for 3 years) in this business and just generated 4 lakhs. So, I am out.
Offer for Booz
Vineeta and Ashneer would come for ₹40 lakhs (20 lakhs each) for 50% equity (valuation ₹80 lakhs).
Counter offer
₹40 lakhs for 33.3% (valuation 1.2 crores)
Deal
40 lakhs (20 lakhs each) for 50% equity (valuation 80 lakhs). As, the business would require more hard work, time, and energy.
Booz Beyond Tank tank updates
Beyond Tank constantly provide updates and follow-ups about the entrepreneurs from the day they appeared on Shark Tank India.