PMV Eas-E is being touted as India’s most affordable electric car. Now, it has appeared on the Shark Tank India TV show.
Electric cars are becoming more and more popular in the Indian market. However, they are still not in the budget range. Fortunately, many new startups are coming up with cheaper alternatives. PMV Eas-E is being touted as India’s most affordable electric car. Now, it has appeared on SonyLIV’s Shark Tank India TV show. The electric four-wheeler PMV was presented by the founder Kalpit Patel himself. He pitched the affordable car as everyone’s second car to acquire some funding. Let’s take a closer look!
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PMV Electric CEO Asks for Rs Crore for 1% Equity Share
Shark Tank India has once again popularised the startup culture in India. The immensely popular show has highlighted many new entrepreneurs in the country. Interestingly, automobile solutions have been pitched on the show. Some of them even managed to grab good deals. While the others have become success stories. A few weeks ago, two entrepreneurs pitched their last-mile delivery electric three-wheeler called OTUA. The electric mobility startup (Dandera Ventures) asked for Rs 1 crore in exchange for 1 percent equity in their company.
Kalpit Patel is the founder and CEO of PMV Electric. During the recent Shark Tank India episode, he showcased the PMV Eas-E electric car that is being touted as the most affordable electric four-wheeler in India. For this ambitious automobile, Mr. Kalpit Patel asked an investment of Rs 1 crore for 1 percent equity. While most sharks were impressed with the compact EV, they were skeptical about the company’s success. However, Anupam Mittal (founder, Shaadi.com) made an offer of Rs 60 lakhs for 4 percent equity and Rs 40 lakhs in debt.
Anupam Mittal’s Offer Turned Down
Mr. Mittal also stated that he is interested because of Kalpit as a person and not just the PMV. In response, Mr. Kalpit countered with a proposal of Rs 1 crore for 2% equity. After hearing Kalpit’s justification, Anupam Mittal revised his offer to Rs 1 crore for 6.67 percent ownership without the loan component. However, this offer did not match Mr. Kalpit’s expectations and he turned down this offer. he also stated that he sees PMVs as the future.
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The PMV Eas-E was introduced in November of last year. It is categorized as a quadricycle. However, it sports a car-like monocoque body rather than a tube chassis. While the EV can accommodate two persons, the rear seat is much more spacious. Additional features include air conditioning, cruise control, regenerative braking, follow-me-home lights, electric wing mirrors, a digital instrument panel, and a touchscreen infotainment system. PMV Electric has also added a steering-mounted airbag for the driver.
The electric microcar is powered by an electric motor that produces 13 Bhp of peak power and 50 Nm of peak torque from idle. The highlights of the PMV Eas-E include a remote park assist and a remote horn. The Eas-remote E’s park mode allows the EV to be parked using a smartphone app called Eas-E connect. A Feet Free mode allows it to be driven in traffic using only the thumb controls positioned on the steering wheel. PMV Electric also offers OTA (over-the-air) updates.
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The PMV Eas-E is priced at Rs 4.79 lakh for the base trim. It comes with an ARAI-certified range of 120 kilometers. There are two more variations that cost Rs 6.79 lakh and Rs 7.79 lakh. These trims get larger battery packs and have ranges of 160 and 200 kilometers per charge, respectively. The PMV Eas-E has a peak speed of 70 Kph. It can be charged from any 15 amp plug. All three variations have a charge time of 3-4 hours.