In the ongoing reality show Shark Tank India, several start-ups from the automobile industry have secured massive funding
A few months ago, the first edition of Shark Tank India went on air. The show is a great platform for entrepreneurs because it allows them to pitch their business ideas and models to well-established investors and businessmen. In short, it empowers them to gather the funding required to take their business model forward. The season is still active and in the past few weeks, several start-ups from the auto industry have secured massive funding.
What is the relevance of this article?
As we have mentioned repeatedly, the automobile industry in India has gained a massive pace in recent years. From riding gears to electric vehicles, the Indian automobile industry has tons to offer at the moment. However, the industry can do better with the help of more innovative products by new entrepreneurs. In this article, we have listed those start-ups from the auto industry that secured funding from the investors.
Before learning about the start-ups, let us take you through the Sharks (investors)
The ongoing show has seven Sharks but usually, only five Sharks are present in an episode. The seven Sharks are Ashneer Grover (MD and Co-Founder of BharatPe), Anupam Mittal (Founder & CEO of People Group), Aman Gupta (Co-Founder & CMO of boAt), Vineeta Singh (CEO & Co-Founder of SUGAR Cosmetics), Namita Thapar (Executive Director at Emcure Pharma), Ghazal Alagh (Co-Founder & CIO of Mamaearth), and Peyush Bansal (Founder & CEO of Lenskart.com).
Team Altor got the support of Namita Thapar and Aman Gupta
Kolkata’s team Altor, a company that has designed a smart helmet, earned the support of investors Namita Thapar and Aman Gupta. The smart helmet designed by Altor has the potential to save millions of lives. The team presented a deal of INR 50 lakh with five per cent equity of their company. After several rounds of negotiations, Namita Thapar and Aman Gupta closed the deal with INR 50 lakh but acquired seven per cent of the equity.
Nashik-based Revamp Moto raised INR one crore
Nashik-based Revamp Moto, founded by Jayesh Tope, PushkarajSalunke and Pritesh Mahajan, presented their Modular Utility Electric platform that comprises two electric scooters. The scooters have been built by the company to help small vendors and e-commerce giants to deliver their products at an affordable price. The founders demanded INR one crore and offered one per cent equity. However, instead of one Shark, two Sharks (Aman and Anupam) gave INR one crore for two per cent of equity, which was accepted by Revamp Moto.
