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<ul><li>The <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> judge says gatekeepers of the app ecosystem – Apple and <keyword id="19902762" type="General" weightage="20" keywordseo="google" source="keywords">Google</keyword> – are the new East India Company and they operate with complete arrogance and impunity.</li><li>Just as startup founders are coming under pressure, venture capitalists and auditors too need to be held accountable for their behaviour.</li><li><keyword id="20225195" type="General" weightage="20" keywordseo="shark-tank" source="keywords">Shark Tank</keyword> India has become a catalyst for driving entrepreneurship and giving it legitimacy. </li></ul> <keyword id="127971" type="General" weightage="100" keywordseo="anupam-mittal" source="Orion">Anupam Mittal</keyword> is India’s original internet entrepreneur, who is the founder and CEO of People Group. Way before platform economy became a buzzword, Mittal built a platform for Indians seeking life partners. And even today one million Indians find their partners on shaadi.com every year. Call him the OG of startups or a serial entrepreneur, he is a man who does not mince words. In a free wheeling chat with Business Insider’s Malini Bhupta, Mittal talks about unfair trade practices of Google, his investment in Ola’s Bhavish Aggarwal and what he thinks is the biggest achievement of Shark Tank India. Edited Excerpts: With some high profile startups like Paytm and Byju’s coming under lens, what do you think is wrong with the startup ecosystem? I think the Paytm issue is a little different. There are two issues there in my view – one is valuation. The company came out with its IPO at the height of the unicorn boom and as a result, their valuation was corrected when the pvt. market corrected. This is part of the pricing game and one can hardly blame them for it. Eventually, they would have grown into their valuation is what I believe. However, the second issue which is regulatory in nature is far more serious. Whether it is justified or not I don’t know. I think there is a little heavy-handedness here as what you are talking about is a payments bank KYC stuff being the reason to shut them down, which could be seen as over-reach since they are not a significantly important lending institution. Talking about what is wrong with India’s ecosystem and why founders are behaving badly is a common issue that occurs when there are high levels of greed. When there is massive liquidity in the system people think they can take advantage of the situation. In the US you have seen Theranos, crypto frauds and an industry that was created around SPACs. Billions of dollars have been lost on that. What is happening in India is a small reflection of that. Greed manifests in two ways – one is the founders who are ambitious who see the ecosystem celebrating unicorns and that gets weaponised. Over time a few start with minor refractions and very soon they start fabricating revenues and manipulating auditors to keep up with the image that has been created. They are riding tigers they can't get off. The venture capitalists too want to see their investments being marked up as their future fund raises depend on the portfolio's net asset value and so they play along and at times actually drive the founders at a velocity that is unsustainable. I think they need to be held accountable by their LPs. Auditors have a very important role here and are perhaps the ones who need to pay the highest price through government censures. They are market participants who have been entrusted with a certain job for which they get paid hefty fees. When they start looking the other way, the system breaks. You have been waging a pitched battle against the unfair trade practices of Big Tech companies in India. What, in your view, are the steps that need to be taken by the government to prevent such unfair practices by large global players? Fundamentally the experience of the internet is through apps – two companies control the entire app ecosystem Google and Apple. Both operate with complete impunity. Two years ago the CCI passed an order against Google around <keyword id="963171" type="General" weightage="20" keywordseo="google-play" source="Orion">Google Play</keyword> Billing System (GPBS). Now they have changed the name to User Choice Billing. If you look at the order CCI says there will be no discrimination at all. Being on the App Store means nothing unless you advertise on Play Store. Startups spend anywhere between 10-50% of revenue on advertising on these platforms already. Essentially, the app store is worth nothing if you don’t have content. What choice does a company have but to adhere to their unfair practices… Now they say that any transaction that happens on apps downloaded via the store will be subject to 15-30% tax/commissions. What this means is that they want 50% of the revenues of the startups. It is the new East India Company and they operate with complete arrogance and impunity. The problem is in getting these companies to comply. Their strategy is to stretch out the legal process and tire the system. Our government and regulators have the right intent but sometimes democracies are messy. As a government, we have to ensure that nobody becomes the gatekeeper to our economy which is what these companies are trying to do. There should be penal provisions for anybody who abuses the law or twists and turns it while violating the very spirit of it. Non-compliance with judicial orders is contempt of court and so there is an opportunity to send a very strong message. These bullies need one arm chopped off in the form of penalties, a rap on the knuckles will not work as they are too big to care about a couple of hundred million in penalties. What is the biggest achievement of Shark Tank, which has now become a huge hit in India? In life timing is everything. Shark Tank’s first season was in December 2021, which was the peak of the startup hype cycle, and it demystified the whole conversation around startups and funding. Shark Tank has become a catalyst for driving entrepreneurship and giving it legitimacy. India is a land of entrepreneurs with every second person running some small business, many from home. A decade ago, if you told someone you are an entrepreneur, you would be told to come back when you get serious. The show has played an amazing role in celebrating entrepreneurship and the startup ecosystem. A lot of companies have done very well. About 8-10 companies that got funded in Shark Tank are doing very well out of 180 companies that came to the show. This is an early stage game and will play out the same way. When you invest in 100 early stage companies, 4-5 will do very well and help recover the investments and some will become very big. A majority will fail. What I found amazing was that the companies that came to the show were not the elites who came from IIT or IIM. These are small businesses founded by housewives and family members. Entrepreneurship is not the reserve of the few. The next decade will be defined by Indian entrepreneurs globally and so there is no better time to be an entrepreneur than now. Shark Tank has put belief in every Indian that they can do it and that changes the game. Many of the founders that come to Shark Tank can do even better than the founders who have come from an IIT or an IIM. I believe that these people understand commerce and ‘dhandha’. The elitist founders are used to being served everything on a platter. Many professionals who come out of large companies or consulting firms cannot start without large funding. Out of the 100 unicorns we have, many will spectacularly fail in 2024 as they were built on the wrong foundations. These companies were built on a template of Ivy League founders and old school networks and so they got funded. Of the businesses that come to Shark Tank, what sectors can do well and stand a better chance of being funded? Indians now have the same aspirations as people in other parts of the world. Anybody who comes in and can bridge the gap between aspiration and affordability will do well especially in lifestyle. For example - Companies in the clothing and jewellery space will do well if they can deliver high aspiration at a value pricing. Last year a company called Snitch came with a revenue of Rs 60 crore and is now doing Rs 250 crore in sales. A company called Skippy, which makes ice pops was funded on Shark Tank too and has a run rate of Rs 50 crore from a few lakhs before ST. I funded a company called Sharmaji Ka Atta which has a revenue run rate of Rs 20 lakh a month in less than 12 months from less than 1 lakh. Another one called Whatsapp Wellness just got funded by HUL. Fundamentally, companies that can build premium products but don’t break the bank on affordability in categories like fashion, lifestyle and food will do well. People read labels now and the young generation is focused on what they are eating. Beauty and wellness products will do well as a secular trend for most of our history Lakme meant beauty, that’s how unbranded we were. Do you feel Shaadi.com is still relevant after Tinder and other dating apps came about? Let’s understand why Tinder is used, it is for hookups and is struggling to grow its revenue in India. Shaadi.com is not an arranged marriage platform. Shaadi.com is a planned marriage platform. Indian culture has four stages of life and marriage is one of the life stages. When you are planning to marry you look for compatibility and it is not about a chemical reaction. On Shaadi.com the family and parents collaborate to find a partner. The old community networks are now dying and we replace those networks. We are bringing together people in the same life stage to find a like-minded partner. The hook-up sites don’t do that and don't understand the Indian ethos. They are applying the same global model to India which does not work beyond a certain point. You were the original internet entrepreneur with a disruptive product. Why did you not create a large business that went on to become a decacorn or a unicorn? It depends on how you define success. If the definition is labels such as decacorn and unicorn, then that's not the game we are playing. Those are vanity labels that I would rather not pursue. Our definition of success is value creation and we are long-term compounders, much like Berkshire &amp; LVMH, so in a sense our ‘overnight’ success story is still waiting to become obvious to the world. From that lens, our ROCE is perhaps the best in the industry we have only ever raised about $20 mn but created several billion in value between our operated and invested cos. Our investee companies employ thousands, have raised over $20 bn and will go on to create $100 bn in value over time, in the bargain generating tremendous wealth for the country and hopefully for us too. We boast an IRR of 52% consistently for more than a decade which is extraordinary by any standards and a testament to our approach and story. Many people build businesses but we were fortunate to create entire industries such as online matchmaking via Shaadi.com, which we still run; proptech company Makaan.com which we sold to NewsCorp very handsomely; India’s first &amp; still the largest digital ad agency, Interactive Avenues, which we sold to IPG at a benchmark price that is yet to be crossed; India’s first mobile gaming company, Mauj Mobile which spawned a massive industry. So, whether it is our customers, employees, shareholders, the country or society at large, I think we have already impacted 10s of millions and while we don’t have a market listed entity like Jio or TCS to show for it, we have delivered massive national and global level impact. Keep in mind that we are most often the first to check into investee cost and every company we have founded has been the first in its industry. Our innovations have generated billions of dollars in wealth and given rise to innumerable founders and entrepreneurs who have learnt at our companies and gone on to build massive companies of their own. Further, I am still very young and the Indian opportunity is only now unfolding. In the next couple of years, you will see some of our other bets in space exploration, mobility real edtech, &amp; sustainable fintech come into the limelight besides something very special we are building on our own. So, in short, I still remain the OG and if you force me to use your labels we have birthed not one or two but several Unicorns &amp; Decacorns and that too with very limited capital. It is perhaps one of the most spectacular untold stories of value creation in the digital economy. Ola is one company that is headed for an IPO and you own 2% in the company. How did that happen? When we invested in Ola, there was not much of a concept of venture funding and the company did not have any suitors so we were able to get in at a very attractive valuation and hold an extremely healthy minority stake which obviously has been diluted over time. I think the network effects are so large that it is hard for others to get into it. I am still a shareholder and looking forward to the initial public offering. I invested in 2012 and when I met Bhavish first, I did not understand the problem he was solving as I live in Mumbai where cabs are available. So I did not think there was a problem. A few days later when I was in Delhi and needed a cab, I was told that they would call a taxi stand. After I came back from Delhi, I realised there was a problem everywhere. And I used to call the call centre and Bhavish used to answer the call centre, which showed me his commitment and reminded me of myself when I had started and so I invested.

Anupam Mittal hits out at Google — 'Tech bullies need one arm chopped off in the form of penalties'

'<keyword id="1417364" type="General" weightage="20" keywordseo="Shark-Tank" source="Orion">Shark Tank</keyword> India 2' judge and <keyword id="12758425" type="General" weightage="20" keywordseo="shaadi-com" source="Orion">Shaadi.com</keyword> founder <keyword id="127971" type="General" weightage="80" keywordseo="anupam-mittal" source="Orion">Anupam Mittal</keyword> said that it is never justified to humiliate anyone for their business idea even if it doesn't sound appealing. Without taking any name he pointed toward the <keyword id="7349800" type="General" weightage="50" keywordseo="bharatpe" source="Orion">BharatPe</keyword> founder Ashneer Grover, who once on the show asked an entrepreneur to make a mop of the clothes she was selling as they were not up to the mark according to him. However, <keyword id="2288" type="General" weightage="100" keywordseo="anupam" source="Orion">Anupam</keyword> asserted that there is a proper way to criticise someone and one cannot insult anyone in a rude manner. He also added that this won't be happening in the second season of the show. In an interview given to Film Companion, he said: "I'm not going to talk about specific sharks but as a team, we gave a lot of leeway to people in a lot of pitches last year. This year, you might see that change a little bit." He added that giving suggestions is one thing but humiliating a person is altogether a different matter and even if the person is presenting a business idea that is not so good, it is not going to make the person 'bad'. He added: "I think there is a difference between being critical and insulting someone. You might have a bad idea or a bad business or a terrible business plan but that doesn't make you a bad person." "So I, and I think everybody, draws a line at criticising your business and your idea and your plan and to give you a reality check and to show you the mirror because this is season two. Humiliating somebody is not acceptable and anybody who does that does not deserve a seat on 'Shark Tank'," he concluded. 'Shark Tank 2' is starting from January 2 on <keyword id="11908357" type="General" weightage="50" keywordseo="sony-entertainment-television" source="Orion">Sony Entertainment Television</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shilpa-shetty-kunal-bahl-promoters-to-sell-stake-as-mamaearth-parent-goes-in-for-an-ipo/articleshow/96594970.cms">Shilpa Shetty, Kunal Bahl, promoters to sell stake as Mamaearth parent goes in for an IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/mukesh-ambanis-son-anant-ambani-engaged-to-radhika-merchant-in-rajasthan/articleshow/96598326.cms">Mukesh Ambani's son Anant Ambani engaged to Radhika Merchant in Rajasthan</a>

Humiliating somebody will not be tolerated in Shark Tank says Shaadi.com founder Anupam Mittal

<ul><li><keyword id="16271677" type="General" weightage="20" keywordseo="bullspree" source="Orion">Bullspree</keyword> is a stock market gaming platform that lets users participate in contests and win money by creating a portfolio of stocks.</li><li>‘Stock market ke fear ko fun me badalte hai,’ said co-founder Bavishi while inviting sharks to invest in the app.</li><li><keyword id="158171" type="General" weightage="20" keywordseo="Aman-Gupta" source="Orion">Aman Gupta</keyword>, co-founder of boAt and <keyword id="824423" type="General" weightage="20" keywordseo="Peyush-Bansal" source="Orion">Peyush Bansal</keyword>, CEO of Lenskart together made an offer for ₹75 lakh for 2.86% equity. </li></ul>It is not easy to earn money in the stock markets, mostly because very few people understand the nitty gritties of markets. An Ahmedabad-based startup Bullspree aims to educate people about market fundamentals through fun contests. Bullspree is a stock market gaming platform that lets users participate in contests and win money by creating a portfolio of stocks and competing with other users. Bullspree was co-founded by Harsh Dhanawat, Dharmil Bavishi, and Divyansh Mathur in November 2020. It is an experiential stock market gaming and learning mobile app that offers fun games about financial markets that can help users understand market dynamics better. “Stock market ke fear ko fun me badalte hai,” said co-founder Bavishi while inviting sharks to invest in the application in the second edition of <keyword id="1417364" type="General" weightage="20" keywordseo="shark-tank" source="Orion">Shark Tank</keyword>. The founders asked for ₹75 lakh investment from sharks for 1.5% equity at a valuation of ₹50 crore. Most sharks declined to invest in Bullspree on risky business nature While the presentation by the founders of the stock gaming platform impressed sharks, they refused to invest in the startup because of its risky nature of the business. <keyword id="127971" type="General" weightage="20" keywordseo="Anupam-Mittal" source="Orion">Anupam Mittal</keyword>, founder of Shaadi.com concluded that Bullspree is like a fantasy gaming platform. “You are Dream11 for financial stocks, fantasy trading ho gaya,” said Mittal. “Basically, we are an experiential learning platform jisse app well versed hote ho aur confidence build karte ho,” Bavishi responded. Sharks highlighted that their competitor StockGro is in a similar line of business. That may hamper the potential market share and growth in the future. <keyword id="246967" type="General" weightage="20" keywordseo="vineeta-singh" source="Orion">Vineeta Singh</keyword>, CEO of SUGAR Cosmetics and Namita Thapar, executive director at Emcure Pharmaceuticals were shocked that the startup’s valuation rose to ₹50 crore from ₹26.5 crore in February 2022. The startup said that it generated sales to the tune of ₹18.5 lakh with a gross transaction value of ₹90 lakh, in recent months. On a monthly basis, the company has been growing 100% as it tied up with colleges. Average revenue per paid user of the company has increased to ₹322 from ₹21 earlier, says Dhanawat on the reality show. Thapar declined to make an offer by saying there is no unique differentiator that Bullspree offers, as compared to its competitors. At the end, Aman Gupta, co-founder of boAt and Peyush Bansal, CEO of Lenskart together made an offer for ₹75 lakh for 2.86% equity at ₹26.22 crore valuation. The offer was accepted by the founders. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research</a>

An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks

<ul><li>Jyoti Bharadwaj founded a healthy drinks startup <keyword id="16020211" type="General" weightage="100" keywordseo="teafit" source="Orion">TeaFit</keyword> in 2021, and it has sold ₹15 lakh worth of products as of now. </li><li>TeaFit served over 20,000 customers through online and offline channels. </li><li>Bharadwaj walked away with a collective investment of ₹50 lakh for 8% equity from four sharks, <keyword id="246967" type="General" weightage="20" keywordseo="vineeta-singh" source="Orion">Vineeta Singh</keyword>, Peyush Bansal, <keyword id="127971" type="General" weightage="20" keywordseo="Anupam-Mittal" source="Orion">Anupam Mittal</keyword>, and Aman Gupta. </li></ul>A mompreneur from Mumbai, Jyoti Bharadwaj, left all the <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> judges impressed with her beverage company, TeaFit. TeaFit produces zero-calorie healthy drinks made with natural herbs and ingredients, without sugar or a sweetener. Started in 2021, the brand offers Green Tea, Black Tea and Barley Tea, along with instant premixes. A fan of Shark Tank US and a mother of two young kids, Bharadwaj gave a sharp pitch, spouting off minute details about the product’s pricing and packaging. At the start of the pitch, she brought her two young children aged eight and five with her. They have been a part of her entrepreneurial journey, she told the judges. “I have watched every episode of every season of Shark Tank US many times over the years. I have replayed so many of the pitches in my mind - Scrub Daddy, Drink Poppi, Bantam Bagels, and many others. I am just so incredibly grateful to get a national platform to talk about TeaFit, why we do what we do and our vision for the future,” shared <a href="https://www.linkedin.com/feed/update/urn:li:activity:7016978429694636032/">Bharadwaj on her Linkedin</a>, four days before her Shark Tank India episode aired. <cmsannotation type="cmsannotation" annotationid="Startup’s value zooms from ₹2 cr to ₹6.25 cr" comment="subhead2" text="Startup’s value zooms from ₹2 cr to ₹6.25 cr">Startup’s value zooms from ₹2 cr to ₹6.25 cr</cmsannotation> After sampling her teas on the show, even Aman Gupta, boAt co-founder, who loves sugary drinks was left impressed. Bharadwaj initially asked for ₹50 lakh for 3% equity which valued the company at ₹16.67 crore. She said that TeaFit received a term sheet of ₹1 crore that valued her startup at ₹20 crore in convertible notes. A convertible note is a type of bond offered by companies, which can be converted later into equity. Sugar Cosmetics’ co-founder Vineeta Singh and Shaadi.com’s founder Anupam Mittal jointly gave the first offer — ₹50 lakh for 25% equity, which valued the company at ₹2 crore. Lenskart’s co-founder Peyush Bansal followed with an offer of ₹50 lakh for 20% equity, which raised its value to ₹2.5 crore. However, it was boAt co-founder Aman Gupta’s offer, of ₹50 lakh for 10% equity, that immediately doubled the valuation to ₹5 crore. Bansal, Singh and Mittal instantly responded that they would match Gupta’s offer. Bharadwaj sought a collective investment of ₹50 lakhs from all four judges, but for 8% equity. This valued the startup at ₹6.25 crore. The judges accepted this offer. <cmsannotation type="cmsannotation" annotationid="When mother-in-law turned investor" comment="subhead2" text="When mother-in-law turned investor">When mother-in-law turned investor</cmsannotation> After graduating from the Manipal Institute of Technology, Jyoti Bhardwaj who hails from Patna pursued an MBA in Finance and Marketing from the Indian School of Business (ISB). She worked with the startup UrbanFresh and real-estate portal Housing.com before starting her entrepreneurial journey with TeaFit. TeaFit got its first investment of ₹10 lakh from Bhardwaj’s mother-in-law, Dr Urmila Pandey. Her mother-in-law is a PhD holder and a former professor who had to give up her professional career due to family obligations. But she kept the spirit of financial independence and ambition alive in her daughters and daughter-in-law. The first commercial batch of TeaFit was launched in March 2021. Bharadwaj had signed up with national retail chains before going into production. Shortly after the launch, a second lockdown was imposed in India. Undeterred, Bharadwaj <a href="https://www.youtube.com/watch?v=-T1p3MXT4B8&amp;t=4s&amp;ab_channel=SellonAmazonIndia">partnered </a>with e-commerce giant Amazon. “As we got the product into the stores, the second lockdown started. Before the product could even reach the customers, the doors were closed,” shared Bharadwaj in a video with Amazon. In FY22, TeaFit made a profit of ₹78,000 from sales worth ₹15.5 lakh, with zero advertising spend. The startup forecasts that it will end FY23 with revenue to the tune of ₹45-₹55 lakh, based on the sales in July, August and September. “Over the last 12 months during subsequent batches, every single one of my fears has come true. Bottles came out distorted, filters got choked, entire batches were trashed, labels didn’t fit, long power cuts, over-brewing you name it. But you know what? We made it past every single one of them and have consistently produced world-class beverages batch after batch,” shared Bharadwaj a year after TeaFit started, in <a href="https://www.linkedin.com/feed/update/urn:li:activity:6899322380678701056/">an old LinkedIn post</a>. TeaFit has served over 20,000 customers through online and offline channels. As much as 35% of its sales come from online channels, while the remaining 65% come from offline channels. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/ex-senior-vp-of-paytm-former-ceo-of-tata-cliq-will-now-head-global-business-for-meta-india/slidelist/96878322.cms">From Tata CLiQ to Paytm to Meta India: the professional journey of Vikas Purohit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/iqoo-11-vs-oneplus-11-smartphone-comparison-of-price-specification-and-features/slidelist/96876758.cms">New flagship phones iQOO 11 vs OnePlus 11 – specs and features compared</a>

Shark Tank S2: Sugar loving shark buys into no-calorie iced teas biz

<ul><li>Nashik-based EV startup <keyword id="14083003" type="General" weightage="100" keywordseo="revamp-moto" source="Orion">Revamp Moto</keyword> received an investment of ₹1 crore from <keyword id="158171" type="General" weightage="20" keywordseo="aman-gupta" source="Orion">Aman Gupta</keyword> and <keyword id="127971" type="General" weightage="20" keywordseo="anupam-mittal" source="Orion">Anupam Mittal</keyword> in Shark Tank India.</li><li>Ashneer Grover also claims to have invested in Revamp Moto after the show.</li><li>The company recently launched the RM Buddie 25, which it claimed to be the country’s first <keyword id="15986770" type="General" weightage="20" keywordseo="transformable-ev" source="Orion">transformable EV</keyword>.</li></ul>Revamp Moto, a Nashik-based EV startup, became popular after getting an investment of ₹1 crore from boAt co-founder Aman Gupta and Shaadi.com founder Anupam Mittal during Season 1 of Shark Tank India. The electric vehicle market in India has become highly competitive, with brands like Ola, TVS, Ather, and others competing for market share. While many options are available if you are looking for electric scooters, the market does not offer much for hawkers, vendors, delivery executives, and other workers. <cmsannotation type="cmsannotation" annotationid="Revamp Moto – founders and product" comment="subhead" text="Revamp Moto – founders and product">Revamp Moto – founders and product</cmsannotation> Revamp Moto was founded by Jayesh Tope, Pushkaraj Salunke and Pritesh Mahajan. The trio showcased the Revamp Mitra, a modular EV that comes with ten attachments, at the show. During the show, the company also spoke about the RM 25, a prototype at that time. <cmsannotation type="cmsannotation" annotationid="Shark Tank deal" comment="subhead" text="Shark Tank deal">Shark Tank deal</cmsannotation> Revamp Moto appeared on Shark Tank seeking an investment of ₹1 crore for a 1% share at a valuation of ₹100 crore. After a close fight between BharatPE cofounder Ashneer Grover and the duo of Aman Gupta and Anupam Mittal, Revamp Moto accepted the offer from Gupta and Mittal. The duo invested ₹1 crore in the company for a 1.5% stake at a valuation of ₹66.67 crore. <cmsannotation type="cmsannotation" annotationid="Ashneer Grover invests in Revamp Moto" comment="subhead" text="Ashneer Grover invests in Revamp Moto">Ashneer Grover invests in Revamp Moto</cmsannotation> Despite losing the deal to Gupta and Mittal during Shark Tank, Grover invested in Revamp Moto after the show. During an interview with Raj Shamani, Grover revealed that he was approached by the founders of Revamp Moto for an investment. <cmsannotation type="cmsannotation" annotationid="Revamp Moto raises $1 million" comment="subhead" text="Revamp Moto raises $1 million">Revamp Moto raises $1 million</cmsannotation> Revamp Moto raised $1 million (approx. ₹8.3 crore) in a pre-seed funding round led by Veda VC and Venture Catalysts. The round also saw participation from angel investors such as Ashneer Grover, Peyush Bansal, Deven Bhandari, Aman Gupta, and Anupam Mittal. In addition, there have been reports that the company is planning on raising an additional $3 million to ramp up production. <cmsannotation type="cmsannotation" annotationid="RM Buddie 25 – first transformable EV in India" comment="subhead" text="RM Buddie 25 – first transformable EV in India">RM Buddie 25 – first transformable EV in India</cmsannotation> Revamp Moto finally launched the RM Buddie 25 in December 2022. To recall, the scooter was showcased as the prototype RM25 during Shark Tank India. <div type="image" title="RM Buddie 25" msid="96790904" hostid="261" sizebytes="30026" caption="&amp;lt;p&amp;gt;RM Buddie 25&amp;lt;/p&amp;gt;"></div> The RM Buddie 25 was launched with a price tag of ₹66,999 and was dubbed as “India’s first transformable EV” by the company. The company has started accepting bookings for the scooter for ₹999 and deliveries are expected to begin in April 2023. The company is manufacturing the scooter at its facility in Thane. During the Shark Tank pitch, the company claimed that 90 to 95% of the vehicle is made in India. <cmsannotation type="cmsannotation" annotationid="RM Buddie 25 attachments" comment="subhead" text="RM Buddie 25 attachments">RM Buddie 25 attachments</cmsannotation> The main highlight of the RM Buddie 25 is its attachments. The company is currently offering the following attachments – <ol><li>Base rack</li><li>Carrier</li><li>Child seat</li><li>Insulated box</li><li>Saddle stay and bag</li></ol><cmsannotation type="cmsannotation" annotationid="RM Buddie features" comment="subhead" text="RM Buddie features">RM Buddie features</cmsannotation> The RM Buddie 25 comes with a range of 70 km on a single charge and offers a top speed of 25 km per hour, which means the vehicle does not require any registration as per government guidelines. Similarly, the rider is not required to have a license. Revamp has claimed that the RM Buddie 25 can be fully charged in 2 hours and 45 minutes. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/ottobot-yeti-an-unmanned-delivery-robot-that-can-deliver-products-even-when-you-are-not-at-home/articleshow/96784804.cms">Ottobot Yeti, an unmanned delivery robot that can deliver products even when you are not at home</a> <a href="https://www.businessinsider.in/tech/news/after-iphone-14-android-phones-will-soon-support-satellite-messaging-starting-with-qualcomms-snapdragon-8-gen-2-chip/articleshow/96756368.cms">After iPhone 14, Android phones will soon support satellite messaging, starting with Qualcomm’s Snapdragon 8 Gen 2 chip</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-oneplus-11-5g-may-be-cheaper-than-the-oneplus-10-pro-in-india-price-specs-and-india-launch-date/articleshow/96734971.cms">OnePlus 11 5G may be cheaper than the OnePlus 10 Pro in India – price, specs, and India launch date</a>

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