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After Shark Tank Funding, Startup Launches India’s 1st ‘Transformable EV’

Revamp Moto — a Nashik-based producer of electrical two-wheelers that gained over buyers on Shark Tank India in December 2021 — lately introduced the launch of “India’s first transformable EV” referred to as the RM Buddie 25.

The startup, which calls itself a “modular electrical automobile (EV) firm”, introduced that the Buddie has been fully constructed in-house with all of the elements sourced regionally aside from lithium-ion cells.

The method of producing the Buddie will quickly begin on the enterprise’s facility within the Thane district and will probably be accessible to prospects at costs ranging from Rs 66,999. In line with their press launch, the Buddie is powered by an IP 67-rated sensible BMS (battery administration system) and CAN (controller space community)-enabled 48V, 25Ah lithium-ion battery pack.

This battery pack permits the electrical two-wheeler to journey 70 km on a single cost with a prime pace of 25 km/h. Going additional, the startup has developed and manufactured the battery packs in-house that are “simply swappable” inside a minute. The Buddie costs from 0-80% in 1 hour 45 minutes, is well related and might map greater than 50 parameters by your smartphones “to make your commutes comfy”, claims the startup of their launch.

Emphasising the identical, Buddie doesn’t require a license or registration to be pushed.

Shark Tank India-backed startup launches Transformable EV
RM Buddie 25 electrical two-wheeler

‘Transformable EV’

Talking to The Higher India, Pritesh Mahajan, Co-Founder and CEO of Revamp Moto, claims that the Buddie addresses the necessities of not simply common customers “but additionally has appeared on the wants of people who find themselves at all times on the transfer and use their automobile in a couple of means.”

The Buddie comes with a payload capability of 120 kg and is accompanied by “swiftly and simply swappable attachments” like a baby seat, saddle keep and saddle baggage, insulated field, service, base plate and base rack.

So, what does the startup imply once they declare that the Buddie is “India’s first transformable EV”? Right here’s what Pritesh has to say —

“As Indians, we’re identified for our ‘jugaad’. A big chunk of individuals utilizing two-wheelers in India makes use of their automobiles for extra than simply mobility — from carrying items to organising retailers on two wheels. All of that is actualised utilizing makeshift options risking their very own security. We determined to handle this drawback by offering swappable attachments that might cater to the various wants of the shoppers, making our automobiles a very transformable EV,” says Pritesh.

“Our attachments are such that you could possibly change the utility of the automobile in below 30 seconds. You could possibly be carrying your groceries with the saddlebags attachment, and the very subsequent second you could possibly swap the attachment with a baby seat to hold your child to high school. That is how we want to empower our prospects with our ‘Transformable EVs’. Your automobile ought to have the ability to adapt to your wants; it’s a automobile that may multitask with its wide selection of attachments,” he provides.

Supported by Shark Tank India, EV startup launches Transformable EV
Totally different shades of RM Buddie 25

A modular utility platform

One other necessary declare the startup makes is that they aren’t like every other EV producer in India. They name themselves a “modular EV firm”. What do they imply by it?

“Each product that we want to provide to the market is constructed maintaining in thoughts how most utility will be derived from it. With RM Buddie 25, we wish our prospects to have the ability to do way more than simply journey from level A to level B. We wished to supply a premium trip that might adapt to their various day by day use circumstances. As a CMVR (Central Motor Automobiles Guidelines, 1989)-exempted automobile that doesn’t want a license or registration, the Buddie can empower homemakers, senior residents and sensible youngsters to be unbiased in their very own proper,” says Pritesh.

The acquisition window for the Buddie opened on 16 December, 2022, and deliveries are anticipated to begin by April 2023. Earlier than commencing on deliveries, Revamp will quickly be commencing trials of Buddie in a number of cities throughout the nation — for customers to have a firsthand expertise of the transformable EV’s efficiency together with its attachments.

The manufacturing will happen of their Bhiwandi facility which they declare can cater to over 1.5 lakh items yearly.

Shark Tank expertise

The startup — based by Pritesh Mahajan, Jayesh Tope and Pushkaraj Salunke in January 2021, first approached Shark Tank India in March 2021 and appeared on the present in December.

“As entrepreneurs, it was a dream come true for all of the co-founders at Revamp since we had at all times been eager followers of Shark Tank (globally). The general expertise of delivering our pitch within the tank gave us an enormous sense of validation of our product and the core modular idea that we constructed the corporate upon. The truth that all of the ‘sharks’ wished a chew of our imaginative and prescient gave us an unimaginable increase to drive ahead with all of the extra confidence,” remembers Pritesh.

On the present, they raised funding amounting to Rs 1 crore from Aman Gupta, co-founder of boAt, and Anupam Mittal, founding father of Individuals Group, for 1.5% fairness. After the present, nevertheless, different sharks like Ashneer Grover and Peyush Bansal additionally got here in to speculate Rs 50 lakh every.

“At present, we’ve got 4 ‘sharks’ — Aman Gupta, Anupam Mittal, Ashneer Grover and Peyush Bansal — with us as buyers. They’ve given us fixed steerage and assist, in addition to serving to us get in contact with a number of market stakeholders who’ve helped us develop the corporate quickly. Now we have had exterior funding of $1 million beforehand from the ‘sharks’, a number of Indian VC companies and angel buyers. We’re actively elevating $3 million at present from Indian in addition to worldwide buyers,” he provides.

As an attention-grabbing apart, Revamp is India’s first EV two-wheeler startup to launch its product ‘Buddie’ within the Metaverse. Consumers can search for particulars of the launch within the Metaverse by Revamp’s handles on YouTube, LinkedIn, Twitter, Instagram, Fb and Spatial.

“Revamp is constructing options for the quick wants out there with a imaginative and prescient for the long run. Metaverse as an idea continues to be at its nascent stage and is but to be broadly adopted in India. However we’re constructive of a future the place the strains between a bodily retailer and a digital expertise centre are blurred. Revamp wished to be the primary EV firm to be a part of this transition,” says Pritesh.

(Edited by Pranita Bhat)

(Photos courtesy Revamp Moto, Instagram/Shark Tank India and Sony Liv)



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