Revamp Moto
Initial Ask – Rs.1Cr. for 1% equity at a valuation of Rs.100Cr.
About the Company
The company has developed a great, and modified, electric motor bike, and named its star product “Revamp Mitra”, which is the most appropriate product for most of Indian occupations.
The motor bike has around 10 attachments to it. The top 3 attachments are
1. A folding table for selling from the bike top, like for vendors
2. Delivery Basket for E-Commerce vendors to carry deliveries
3. Attached Fridge for long distance, and transport of refrigerated stuff, like drinks and even vaccines.
The bike operates on 2 battery packs, which are detachable, and can be kept for charging. This allows the user to charge one pack, while using the other pack and then just replace the packs, instead of keeping the bike on charge and losing time.
This bike is also connected to a mobile application to know about, the run-time, battery status and other details.
The company has recieved Design and Utility patents for the same.
Past performance of the Company
The company has a standing order for 50,000 bikes, orders worth around Rs.250Cr. The selling of each “Revamp Mitra” is around Rs.1.06lakhs.
Industry Overview
The EV Industry, is no doubt going to boom. However, with an innovation like the one this bike brings, the market is even wider than anyone can expect.
Thelawalas, who are using the three wheelers currently to carry their goods for selling, can use this bike, to increase travelling speed and also allow to sell their products. With the kind of modifications that are presented, the target is not only urban consumers, but also rural consumers, where people can carry their goods.
The industry for mobile sales is also tapped by a product as presented here.
Due to the wide audience, the marketing expenditure may be huge, thus crunching net profits in the long run.
Offers made, and the one accepted:
1. Aman offered Rs.1Cr. for 3% of the company
2. Ashneer undercut Aman to offer, Rs.1.2Cr for 2.5%
3. Aman and Anupam jointly offered Rs.1Cr. for 2%
4. Under negotiation, Ashneer undercut himself for 1.75% and then again for 1.5% for Rs.1Cr.
5. Aman and Anupam matched Ashneer’s last offer
6. Ashneer came down to 1.25% for Rs.1Cr.
Finally, Aman and Anupam’s Final deal was accepted.