Shark Tank Hornback
In this episode of Shark Tank India Hornback, a foldable cycle brand presents the pitch. Will the founder get a deal from the sharks? To know about the agreement read till the end.
|Founders||Rajkumar Kewat and Nishit Parikh|
|Ask||₹ 50 lakhs for % equity|
Rajkumar Kewat and Nishit Parikh. They are from Hyderabad and are co-founders of Hornback.
Rajkumar and Nishit were classmates in IIT Bombay. They have done their master degree in Designer and Industrial engineering.
About the company Hornback
Electric bicycles are becoming very popular nowadays. It is used for local communities, roaming inside cities etc. But you can’t carry your bicycle with you in the metro, bus etc. So what is the solution? Hornback is the solution. Hornback is an automobile startup company which manufactures the world’s first full-sized, diamond-frame electric folding bicycle. With a patented mechanism, one can fold this bicycle easily without lifting it. One can carry it in the metro, office and even in the boot of the car. This bicycle ensures strength and a comfortable ride every time. They have already got 80 pre-orders for their products. They have installed a 250W battery which gives you 45 kms range with a charging time of 4 hours. The folding and locking mechanism is very easy and simple:
- Lock the steering limiter which is located on the handlebar.
- Bring the left side panel at its highest position
- Unclamp the latch on the bottom tube by pushing the fail-safe lever with the index finger and latch with the thumb.
- Hold the left brake and move the front part near your seat.
- Then a tube has to be moved upward.
- Then the last step there is a male-female lock which is locked with a click sound.
- The bike is locked now.
The price is 44,999 with its electric and foldable features. They have raised 3.33 crore rupees at a valuation of 15.33 crore rupees. They want to export 80% of their products.
Ask by the Owner Hornback
Owners asked 50 lakhs rupees for 1% equity in the company.
Hornback Sales And Revenue
They are currently in the prototype stage. They are not making any sales and generating revenue right now.
Shark Tank Zoe Nutrition
Offers and counter offers
Amit offers 30 lakhs for 2% equity and 20 lakhs debt at 12% interest.
Pitchers counter for 50 lakhs in exchange of 1.5% equity.
Amit further counters 50 lakhs rupees for 3% equity.
Pitchers didn’t agree to that and Amit counters again 50 lakhs for 2.5% equity.
Hornback Final deal
The deal was finalized with Amit for 50 lakhs in exchange of 2.5% equity in the company.