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PMV Electric in Shark Tank India
PMV Electric is a Mumbai-based company that is responsible for the production of a two-seater Micro electric car “EaS-E”. The founder of the company the recent show “Shark Tank” requested an investment of Rs. 1 crore for 1 percent equity from the judging panel called “Sharks.” Let’s uncover the whole story!
Shark Tank Story of PMV
In a recent episode of the popular entrepreneurial show, “Shark Tank,” the young inventor and founder of PMV Electric, Kalpit, presented his innovative micro electric car concept to a panel of investors, known as the “sharks.” Despite being in the early stages of development and not yet having begun production, the founder had set the starting price for his product at Rs 4 lakhs.
To take his business forward, Kalpit requested an investment of Rs 1 crore for 1 percent equity. The sharks were impressed by Kalpit’s passion and innovation but noted the early stage of the business and somehow they were skeptical of the decision on the company’s success.
Offers made by the Shark to PMV
One of the sharks, Anupam, founder of big brands like Shaadi.com, People Group, Makaan.com, and Mauj expressed interest in investing in Kalpit as a person, rather than just the car. He made an offer of Rs 60 lakhs for 4 percent equity, as well as Rs 40 lakh in debt. However, Kalpit countered with an offer of Rs 1 crore for 2 percent equity.
After hearing Kalpit’s reasoning, Anupam amended his offer to Rs 1 crore for 6.67 percent equity, without the debt aspect. Unfortunately, Kalpit ultimately rejected this offer, but not before impressing the sharks with his compelling story and determination.
Despite not making a deal on the show, Kalpit’s appearance on “Shark Tank” has brought attention to his innovative micro electric car concept and showcased his dedication as an entrepreneur. With the increasing focus on sustainable transportation and the growing demand for electric vehicles, PMV’s business has the potential to be financially viable in the future. It remains to be seen if the founder will secure the funding he needs to bring his concept to life, but he has certainly made a lasting impression on the sharks and the viewing audience.
PMV Story so far
In November, PMV unveiled its innovative micro electric car, complete with futuristic features such as self-parking, “E-Feet Free” mode, “Follow-me-home” lights, a single pedal drive, and over-the-air updates for parking assistance. The car boasts a top speed of 70 km/ph and a range of up to 200 km on a single full charge. It is powered by a 10 kW electric motor and a torque of 500Nm. The charging time for the car is just 3-4 hours, and the operational cost is less than 75 paise/km.
The vehicle is equipped with IP67-rated lithium iron phosphate batteries and includes high-strength sheet metal seatbelts and an airbag for added driver safety. To make the car more accessible and user-friendly, it comes with an accompanying app that allows for remote operation of the car.