PMV Electric is a Mumbai-based company that is responsible for the production of a two-seater Micro electric car “EaS-E”.
To take his business forward, Kalpit requested an investment of Rs 1 crore for 1 percent equity.
Shark Tank Story of PMV
One of the sharks, Anupam, founder of big brands like Shaadi.com made an offer of Rs 60 lakhs for 4 percent equity, as well as Rs 40 lakh in debt.
Offers made by the Shark to PMV
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.
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.