Shark Tank S1 winner Revamp Moto launches an EV that lets you add a child seat, freezer box and more
Shark Tank India
- Nashik-based EV startup
Revamp Motoreceived an investment of ₹1 crore from Aman Guptaand Anupam Mittalin Shark Tank India.
- Ashneer Grover also claims to have invested in Revamp Moto after the show.
- The company recently launched the RM Buddie 25, which it claimed to be the country’s first
AdvertisementRevamp Moto, a Nashik-based EV startup, became popular after getting an investment of ₹1 crore from boAt co-founder Aman Gupta and Shaadi.com founder Anupam Mittal during Season 1 of Shark Tank India.
The electric vehicle market in India has become highly competitive, with brands like Ola, TVS, Ather, and others competing for market share. While many options are available if you are looking for electric scooters, the market does not offer much for hawkers, vendors, delivery executives, and other workers.
Revamp Moto – founders and product
Revamp Moto was founded by Jayesh Tope, Pushkaraj Salunke and Pritesh Mahajan. The trio showcased the Revamp Mitra, a modular EV that comes with ten attachments, at the show. During the show, the company also spoke about the RM 25, a prototype at that time.
Shark Tank deal
Revamp Moto appeared on Shark Tank seeking an investment of ₹1 crore for a 1% share at a valuation of ₹100 crore. After a close fight between BharatPE cofounder Ashneer Grover and the duo of Aman Gupta and Anupam Mittal, Revamp Moto accepted the offer from Gupta and Mittal.
The duo invested ₹1 crore in the company for a 1.5% stake at a valuation of ₹66.67 crore.
Ashneer Grover invests in Revamp Moto
Despite losing the deal to Gupta and Mittal during Shark Tank, Grover invested in Revamp Moto after the show. During an interview with Raj Shamani, Grover revealed that he was approached by the founders of Revamp Moto for an investment.
Revamp Moto raises $1 million
Revamp Moto raised $1 million (approx. ₹8.3 crore) in a pre-seed funding round led by Veda VC and Venture Catalysts. The round also saw participation from angel investors such as Ashneer Grover, Peyush Bansal, Deven Bhandari, Aman Gupta, and Anupam Mittal.
In addition, there have been reports that the company is planning on raising an additional $3 million to ramp up production.
RM Buddie 25 – first transformable EV in India
Revamp Moto finally launched the RM Buddie 25 in December 2022. To recall, the scooter was showcased as the prototype RM25 during Shark Tank India.
The RM Buddie 25 was launched with a price tag of ₹66,999 and was dubbed as “India’s first transformable EV” by the company. The company has started accepting bookings for the scooter for ₹999 and deliveries are expected to begin in April 2023.
The company is manufacturing the scooter at its facility in Thane. During the Shark Tank pitch, the company claimed that 90 to 95% of the vehicle is made in India.
RM Buddie 25 attachments
The main highlight of the RM Buddie 25 is its attachments. The company is currently offering the following attachments –
- Base rack
- Child seat
- Insulated box
- Saddle stay and bag
RM Buddie features
The RM Buddie 25 comes with a range of 70 km on a single charge and offers a top speed of 25 km per hour, which means the vehicle does not require any registration as per government guidelines. Similarly, the rider is not required to have a license.
Revamp has claimed that the RM Buddie 25 can be fully charged in 2 hours and 45 minutes.
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