A cute and creative mini electric car impressed Season 2 Shark Tank India, but the founder walked away without investing
The most significant innovation factor is that the car can be controlled remotely and is advertised as almost a four-wheeler.
Shark Tank season 2 saw some pretty creative pitches, from the various tech innovations to the food. But the only innovation that stood out in recent episodes was the uniquely cute PMV electric car. Sharks applauded the founder’s efforts, but he walked away without an investment.
#PMVElectric showcases all the elements necessary for an easy driving experience with its futuristic innovation and design.#SharkTankIndia season 2 streaming now on Sony LIV, also available on Sony Entertainment Television. pic.twitter.com/Im6Oy7xqec
— Shark Tank India (@sharktankindia) January 28, 2023
Kalpit Patel, the founder of PMV Electric, has unveiled an electric vehicle called EaS-E that can travel 160 km on a full charge. The most innovative feature of the car is that it can be operated remotely and is marketed primarily as a four-wheeler. Patel said the car can be controlled via the app even when no one is in the car. Interestingly, when Amang Gupta asked him if his car was cheaper than his CNG-powered car, he said the car would run at 50 paise per kilometer.
This sixth prototype of the minicar is the answer to increasing environmental pollution and an ever-increasing shortage of parking spaces. Patel’s vision is to make driving a convenient mode of transportation with a highly portable, space-saving design.
The starting price of the product, which has yet to be advertised, will be set at Rs 4 lakhs from now on as production will start around April 2023. To move forward with the project, the founder requested a 10-million-rupee investment for a 1% stake.
Shark was impressed with the founder and the innovation but noted that the company is in its very early stages. They praise the effort he puts into development and encourage him to pursue his dreams.
Anupam, who would rather bet on a man than a car, made an offer of Rs 60,000 with a 4% stake and a debt of Rs 40,000. But he got his 100-crore counter with 2% equity. After listening to his story and reasoning, the offer was changed to Rs 100 crore with 6.67% equity. The debt aspect was removed, but the offer was rejected by Kalpit. Also left without a contract. Regardless, Kalpit impressed and flattered Shark with his story.
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