Shark Tank Swytchd
In this episode of Shark Tank India Swytchd, a subscription-based electrical vehicle rental company presents the pitch. Will the founder get a deal from the sharks? To know about the deal read till the end.
|Ask||₹50 lakhs for 3% equity|
Sameer Arif is the founder of the company. He is 29 years old and comes from Bangalore. He worked for the last 10 years in the automotive industry in some senior positions.
About the company Swytchd
Electric vehicles are costly. But millennials and GenZ don’t want to buy, they just want to experience. Switched is an all inclusive electrical vehicle subscription business. Services provided by them in one month payment are
- breakdown support
- free charging
After using a vehicle for 1-month customers have a choice of switching to another vehicle. And if they don’t want a vehicle they can stop their subscription. They are operational from December 2021. In Bangalore, they have given 127 vehicles to active subscribers and the vehicle list contains more than 700 people. They provide the vehicle on a lease model.
Ask by the Owner Swytchd
The owner made an ask of 50 lacs or 3% equity of the company at the valuation of 16.67 crores.
Swytchd Sales And Revenue
Subscription fees are ₹4500 per month. Monthly subscribers are 127. Monthly recurring sales are 5.6 lakhs. Sales on July 22 was 3.7 lakhs and on July 22 it was 2.1 lacs. Monthly run rate is 13.7 lakhs. They work in both B2B and B2C models.
Offers and counter offers
All the sharks stepped out of the deal.
Swytchd Final deal
No final deal was done.