Shark Tank PMV
In this episode of Shark Tank India PMV, India’s first two-seater, fully electric, smart micro car presents the pitch. Will the founder get a deal from the sharks? To know about the deal read till the end.
|Ask||₹1 crores for 1% equity|
Kalpit Patel is the founder of PMV. People around him believe he can bring revolution. He is an engineer and has studied MBA and further work in a bank. His friends always believe in his curious nature as he could do something big.
About the company PMV
The company brings a revolution in cars. PNB is a personal mobility vehicle. For everyday work we use cars, but this possesses some problems to solve. They have brought Eas-E: Your Everyday Car to solve a few problems. Eas-E is India’s first two-seater, fully electric, smart microcar. The founder’s vision is to make PMV a separate category like other bigger names in the market. Initially, he found the problem of air pollution quite big and decided to make a few prototypes of the car. The company was started in November 2018 and also made a total six prototypes. The car can be controlled by an app on your phone. From locating the car in a parking area to moving your car and switching on the headlights of the car everything can be done through the app from outside the car. The complete structure and software of the car is made by the PMV team. PMV is based on the Quadricycle concept.
Ask by the Owners PMV
The owner made an ask of ₹1 crore for 1% equity of the company at the valuation of ₹100 crores.
PMV Sales And Revenue
The starting price of this vehicle is ₹4 lacs. The company has around 1k pre-orders. They have paid pre-orders of ₹500 crores. Overall Kalpit has taken ₹53 lakhs from a few investors and 50 lacs is their own money. The first fundraising happened in November 2020 of ₹19 lakhs at ₹10 crore cap valuation. The second fundraising happened in June 2021 of ₹34 lakhs at ₹15 crore cap valuation. Currently, the team is looking for a third fundraising round of ₹100 crores and ₹2 crores verbally has been finalized.
Offers and counter offers
Anupam gave an offer of ₹60 lacs at 4% equity of the company at the valuation of ₹15 crores and ₹40 lacs debt.
The founder gave a counteroffer to Anupam of ₹1 crore for 2% equity of the company at the valuation of ₹50 crores and no debt.
Anupam again gave a counteroffer of ₹1 crore for 6.67% equity at the valuation of 50 crores.
PMV Final deal
The owner rejected the offer and no deal was finalized.