Shark Tank India Season 2: Kalpit Patel came to the reality show to present his brand PMV Electric. He made an Eas-E car after getting knowledge about the EVs as he was doing his job in the bank. He also shared a story from where he inspired to make this product and he shared that he learnt six years how to make this as it was very difficult for him to make this type of product after coming from a commerce background. Peyush Bansal and Anupam Mittal came to check the product and they found it quite interesting with the design.
Shark Tank India Season 2: The pricing made Sharks unhappy
Kalpit Patel asked for 1 crore for 1% equity and he shared that his car is totally controlled by a smartphone application and the consumer can control the car even from a distance as the car is short in size. The Sharks called it unique and revolutionary as the car can be driven by a mobile application. However, after knowing about the prices of the product, Sharks were unhappy and they advised Kalpit to make the cost less as the market is short for this type of business. Namita Thapar said that it’s not impactful as there are so many other EVs which are reliable. Aman Gupta talked about the safety and said that the car can be less safe as it’ short in the size.
Anupam Mittal gave him an offer of 60 lakhs for 4% equity and 40 lakh debt at whatever interest rate he can give. Sharks were unable to match the valuation decided by the owner. However, after negotiation Anupam Mittal said that he can give 1 crore for 6.67% equity but Kalpit Patel decided to not take the deal from the Sharks.
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