Introduction to Revamp Moto
Revamp Moto is a startup based in Nashik that gained considerable publicity in the EV market after it appeared on Shark Tank India. The investors were impressed by the company’s innovative approach to urban mobility, which led to a successful investment deal.
Investment on Shark Tank India
On their pitch on Shark Tank India, Revamp Moto was looking for ₹1 crore against a 1% equity stake. Anupam Mittal and Aman Gupta later injected ₹1 crore in return for 1.5% equity of the business. This was a turning point for the start-up as it provided adequate funding to further its products (Business Insider) (Start Up Article).
The Transformable Moto E-Bike: RM Buddie 25
India’s first transformable electric vehicle is Revamp Moto’s flagship product – RM Buddie 25. Ten attachments, such as child seat insulated box delivery cage, make this modular EV suitable for different urban transport needs. Designed with an emphasis on adaptability, the RM Buddie 25 is an ideal choice for hawkers, vendors and delivery executives (Business Insider) (Start Up Article).
Features and Benefits
RM Buddie 25 is associated with several practical advantages:
Top Speed and Range: It can reach maximum speeds of up to 25 km/h and has a range of about 70 km on one full charge.
No License Required: According to government guidelines; it does not require registration or driving license.
Quick Charging: The battery can be charged fully within two hours forty five minutes (EVreporter).
Market Position and Competition
In India, there are many players in the EV market such as Ola, TVS and Ather among others who make this sector highly competitive. However, Revamp Moto has made itself distinct via concentrating on transforming evs targeting specific market segments. This differentiates them from competitors (Business Insider) (Start Up Article).
Post-Shark Tank Success
Subsequently, following the triumph on Shark Tank India, Revamp Moto raised further finances including a pre-seed round of $1 million led by Veda VC and Venture Catalysts. This financing is meant to increase production in order to keep pace with increasing demand. The progress made by the start-up reveals how SharkTankIndia products have potential for driving innovation and entrepreneurial success (Business Insider) (Start Up Article).