On the Tank
Revamp Moto began its operations in September 2020.
Jayesh Tope has two previous startups. 1) EV 2) Agri-tech supply chain. And he spent a year observing the product development of Mahindra Thar.
Pushkaraj Salunke is the technical backbone of this company.
Pritesh Mahajan served as an assistant vice president at SBI for three years.
Why started Revamp Moto?
A 2-wheeler EV bike can be utilized for approximately 10 different purposes. Alternatively, it could serve as a portable store for a merchant.
About the products:
- Mitra can run for 140 km on a single charge, with a top speed of 65 km/hr and a weight capacity of 200 kg, and it comes with swappable batteries.
- Attachments: Additionally, it comes with 10 different attachments, including a foldable table, a delivery basket, and a mini fridge (perfect for keeping milk and other beverages cool).
Please be aware that the cool keep (mini fridge) will automatically reduce its range from 140 km to 70 km after 5 hours of use due to power consumption.
RM25: This is a prototype for a client named “Buddy” who is based in Hyderabad.
Shark Tank Recap
- A 2-wheeler EV bike can be utilized for approximately 10 different purposes.
- To be served as a portable store for a merchant.
- 1 crore in exchange for 1% equity, making the valuation stand at ₹100 crores.
- Feedbacks/Offers
- After a huge fight between Ashneer, Anupam, and Aman.
At last, Aman and Anupam together would come with ₹1 crores (50 Lakhs each) for 1.5% equity (valuation 66.67 crores).
Shark Tank Live
Ask
1 crore in exchange for 1% equity, making the valuation stand at ₹100 crores.
Business Model of Revamp Moto
They are working on both B2B and B2C models, with two different types of products available.
The B2C model includes “Mitra.”.
On the other hand, B2B offers bikes like “RM 25,” which the client can customize to their specifications.
Sales and Revenue
Signed a term sheet and got the order for 50000 units of RM 25 bikes worth ₹250 crores (approximately ₹55,000 each).
Also, in talks to run a pilot with Licious.
As of now, Mitra is being sold for ₹1,06,000, but since the central and state governments are giving subsidies, this can be easily available in a range of ₹45,000-₹60,000 (depending upon state).
Feedbacks from the sharks
- Vineeta: This is a capital-intensive business.
- Namita: I am nervous about insurance, components, and charging infrastructure.
Offer for Revamp Moto
- Ashneer: ₹1 crore for 1.25% equity (valuation 80 crores)
- Anupam and Aman: Together to come for ₹1 crore for 1.5% equity (valuation 66.67 crores).
Deal
Ashneer, Anupam, and Aman engaged in a significant altercation.
At last, Aman and Anupam together would come with ₹1 crores (50 Lakhs each) for 1.5% equity (valuation 66.67 crores).
Revamp Moto Beyond Tank tank updates
Beyond Tank constantly provide updates and follow-ups about the entrepreneurs from the day they appeared on Shark Tank India.