In Episode 4 of Shark Tank India Season 2, the Indian e-cycle startup, Gear Head Motors has secured investment from Aman Gupta, the founder of Boat, and Piyush Bansal of Lenskart on Shark Tank India.
The funding would be a major endorsement for GearHead, which has quickly become a major player in the transportation industry with its innovative and sustainable approach to electric vehicles.
Nikhil Gunda and Meher Sai founded Gear Head Motors in 2020, and since then, they have been well-known for designing more than 70% of their own parts and building electric cycles specifically for Indian commuting needs. GearHead Motors has released four electric bike models under the brand name L. I. F. E. to address urban commuting issues on the go.
Nikhil and Meher, the co-founders of Gear Head Motors, have a thorough understanding of the electric vehicle business and a dedication to testing and assessing their products in actual use environments.
Their research goes back as far as 2015. Gear Head Motors has grown from a small business with an initial investment as little as Rs. 16,000 to a 35 crore corporation in just four years because to their commitment to innovation and sustainability.
Over 8,000 tricycles and over 5,000 e-bikes have been delivered by Gear Head Motors since the company's founding. By bridging the gap between the needs of Indian consumers and the supply of electric vehicles on a global scale, the company hopes to create an ecosystem that will promote sustainable mobility in the future.
Aman Gupta, who invested in Gear Head Motors through Shark Tank India, praised the company's founders for their dedication and expertise in the industry.
Our sources revealed Aman's insight on GHMEV, "I am really impressed with the design of the e-cycle and happy to be investing in GearHead Motors. The founders have a clear market insight and I am excited to see what they can accomplish with the support."
Peyush Bansal, also an investor in Gear Head Motors added, "With Nikhil and Meher's experience and expertise in the Electric Vehicle sector, I am confident that they will be able to steer the industry with their 10X business idea and their 10X entrepreneurial journey. I am glad to be a part of GHMEV. Let's together grow the business."
Speaking of the investments, "We are thrilled to have the support of Aman and Peyush as we continue to grow and innovate in the EV space," said Nikhil Gunda, co-founder of Gear Head Motors."
"With this funding, we will be able to expand our operations and bring even more electric bikes to the market, helping to support sustainable mobility in India."
Success behind the business
According to Nikhil and Meher, the key to success in the electric vehicle industry is more than just technology. "EV is not just about Lithium Ion batteries," they said. "EV is an infrastructure, that is building trust and acceptance in the communities."
Hemin Shah and Sudhakar Moparthy previously organised a pre-seed funding round in which Gear Head Motors raised 6 crores. The business is concentrated on growing the startup's activities across Asia, particularly in India.
Gear Head Motors is well-positioned to play a significant role in influencing the future of transportation as the demand for electric vehicles increases in India and throughout the world.
Gear Head Motors is on track to take the lead in the e-cycle market because to its solid base and aspirational future goals. The business has the potential to grow in the future, as seen by its performance on Shark Tank India.
The Sharks or judges of this season are: Anupam Mittal (founder and CEO, Shaadi.com – People Group), Aman Gupta (co-founder and CMO, boAt), Namita Thapar (executive director, Emcure Pharmaceuticals), Vineeta Singh (co-founder and CEO, SUGAR Cosmetics), Peyush Bansal (founder and CEO, Lenskart.com) and Amit Jain (CEO and co-founder, CarDekho Group, InsuranceDekho.com).