The Shark Tank Season 2 has seen quite unique pitches ranging from various tech innovations to food items. But in the latest episodes, the one innovation that stood out was a uniquely cute electric car from PMV Electric. The founder impressed all of the sharks, who lauded his efforts, but in the end, he walked away without any investment.
Kalpit Patel the founder of PMV Electric presented his electric car called EaS-E which runs 160 kms after full charge. The most important innovation factor is the fact that the car can be remotely controlled and it is almost being promoted as a quadricycle. Patel said that the car can be operated by an app even when there is no one sitting inside the car. Interestingly he said that the car will function at 50 paise per kilometer when Amang Gupta asked him if his car will be cheaper than a CNG-run car.
Product
This sixth prototype of the mini car is an answer to rising pollution and decreasing parking spaces. Patel's vision is to make driving a convenient way of transportation with a design that looks portable and will not require a lot of space.
The starting price for the product is set at Rs 4 lakhs for the future as it still hasn't been promoted yet and will begin the production around April 2023. In order to take the project forward, the founder requested an investment of Rs 1 crore for 1 per cent equity.
The sharks, though impressed by the founder and the innovation point, noted that the business is at a very early stage. They laud the efforts he put in developing and encourage him to pursue his dream.
Offer
Anupam who wishes to bet on the man and not so much on the car made an offer of Rs 60 lakhs for 4 per cent equity and Rs 40 lakh in debt. But he gets an counter of Rs 1 crore for 2 per cent equity. After listening to his story and reasoning, the offer is amended to Rs 1 crore for 6.67 per cent equity, removing the debt aspect, but the offer is rejected by Kaplpit. Though Kalpit walks away without a deal, he impressed and flattered the sharks with his story.
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