Indian startups are sprouting up in abundance in the last few years in almost every industry
The Shark Tank judges ended up experiencing the PMV Eas-E electric micro car on the show. Note that Shark Tank is the biggest reality show in the country, where new founders and established companies seek investment from the top entrepreneurs and businessmen in India. The show has been doing exceptionally well in the last few years, sparking a wave of the entrepreneurial spirit across the nation. Each season, there are dozens of founders with intriguing and innovative ideas and products. For now, let us take a look at the details of this case.
Shark Tank Judges Test Drive PMV Eas-E Electric Micro Car
The founder of the PMV Eas-E electric micro car, Kalpit Patel, mentioned the need of a city car as a second vehicle for many families in India. He understood the relevance of such a car after her daughter had some minor health issues when he took her to the doctor in an auto. That is when he decided to develop this car. It took him 6 years to develop 5 protocols. He had asked for Rs 1 Crore in exchange for 1% of his company. However, Anupam Mittal offered him Rs 60 lakhs for 4% equity and Rs 40 lakhs in debt. Unfortunately, Kalpit didn’t accept this offer and he had to walk out of the tank without a deal.
In any case, the Sharks appreciated the product. In fact, Peyush Bansal and Anupam Mittal even sat inside the car and drove it. The EV had remote functions for lights and pulling it out of a tight spot without the driver. Apart from that, it boasts a digital instrument cluster and an infotainment unit. Peyush even commended the seating space in the second row. Kalpit is in the middle of a round to raise Rs 10 Crore to get the car to the production stage.
Remember that this episode aired a couple of years ago. The PMV Eas-E was introduced in India after a year of appearing on the Shark Tank as a quadricycle. It had an electric motor which produced 13 hp and 50 Nm of peak power and torque, respectively. Some other notable features include a smartphone app called Eas-E connect, OTA (over-the-air) updates, and Feet Free mode, which allows the EV to be driven in traffic using only the thumb controls positioned on the steering wheel. It had a price tag of Rs 4.79 lakh for the base trim and an ARAI-rated range of 120 km.
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Also Read: PMV Electric CEO Refuses Anupam Mittal’s Offer on Shark Tank India
