Two-seater Micro electric vehicle “EaS-E” manufacture is handled by PMV Electric, a Mumbai-based business. In a recent episode of “Shark Tank,” the creator of the company asked the “Sharks,” the judging panel, for an investment of Rs. 1 crore for 1% equity.
Electric Car PMV EaS-E displayed in Shark Tank India
The young creator and founder of PMV Electric, Kalpit, recently presented his creative micro electric car design to a panel of investors, or “sharks,” on an episode of the popular business show “Shark Tank.” The founder had set the starting price for his product at Rs 4 lakhs even though it was still in the planning stages and production hadn’t started yet.
Kalpit asked for a Rs 1 crore investment for 1% equity to advance his company. The sharks were inspired by Kalpit’s passion and creativity, but they took note of that the company hasn’t started production and seemed doubtful about the assessment of its prospects for success.
Anupam, one of the sharks, indicated interest in investing in Kalpit as a person rather than simply the car. Anupam is the founder of well-known companies such as Shaadi.com, People Group, Makaan.com, and Mauj Mobile. He made an offer of Rs. 60 lakhs for Rs. 40 lakhs in debt and Rs. 4 percent equity. Kalpit, on the other hand, reacted with a bid of Rs 1 crore for 2% equity. Following Kalpit’s explanation, Anupam revised his proposal to ₹1 crore for 6.67% equity without the debt component. Despite Anupam’s revised offer, Kalpit declined it but left a lasting impact on the sharks with his convincing story and resolute attitude.
Although Kalpit did not secure a deal on the show, his appearance on “Shark Tank” has put the spotlight on his cutting-edge idea for a micro electric car and highlighted his commitment as an entrepreneur. With the heightened emphasis on environmentally-friendly transportation and the surging interest in electric vehicles, PMV’s business holds the promise of being financially successful in the future. It remains unclear if the founder will secure the necessary funding to turn his concept into reality, but he has definitely left a memorable impact on the sharks and the audience.
In November, PMV unveiled its cutting-edge micro electric car featuring 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. The car boasts a top speed of 70 km/h and a range of up to 200 km on a single full charge. It is driven by a 10 kW electric motor with a torque of 500Nm, and can be charged in just 3-4 hours with an operational cost of less than 75 paise/km.
The car is fitted with IP67-rated lithium iron phosphate batteries and is equipped with robust sheet metal seatbelts and an airbag to ensure the driver’s safety. To enhance the car’s accessibility and ease of use, it comes with a companion app that enables remote control of the vehicle.