PMV Eas-E Electric Car on Shark Tank Season 2
In a recent episode of Shark Tank India Season 2, CEO Kalpit Patel pitched his company’s electric quadricycle on a platform called PMV ES-E to investors, appealing for an investment of Rs 1 crore for 1 per cent equity in his company was done. The offer values the company at Rs 100 crore. Although the sharks seemed impressed by Kalpit’s campaign for the product, they held off on investing in the company and were skeptical about the company’s success.
Shaadi.com founder Anupam Mittal, who is a ‘shark’, had expressed his desire to acquire 4 per cent stake in the company for Rs 60 lakh and a debt of Rs 40 lakh. Anupam’s offer puts PMV at a valuation of Rs 15 crore. The proposal was opposed by PMV founder Kalpit, who appealed to Rs 1 crore for 2 per cent equity, PMV valuation Rs 50 crore. However, this offer was turned down by Anupam. The Shaadi.com founder proposed a final offer of Rs 1 crore for 6.67 per cent equity in the company, taking PMV’s final valuation to around Rs 15 crore. This offer was finally rejected by PMV CEO Kalpit Patel.
However, all the sharks were impressed with the company’s vision of making an affordable compact EV that was equipped with the latest technologies.
PMV Eas-E electric car price, specifications
The PMV Eas-E is the cheapest electric car in India and is officially classified as a quadricycle with seating for two people. It is available in three variants priced at Rs 4.79 lakh, Rs 6.79 lakh and Rs 7.79 lakh (ex-showroom). Prices are determined by the range and features the vehicle comes in. These prices are lower than the Tata Tiago EV which is the cheapest mainstream electric car on sale in India today.
The PMV Eas-E electric car gets an electric motor that generates peak power of 13bhp and peak torque of 50Nm. Battery pack size varies depending on the variant. Driving range for the base trim is said to be 120km while the higher two variants get 160km and 200km respectively. The vehicle is also equipped with features like LED lighting, AC, digital instrument cluster, touchscreen infotainment system, regenerative braking, cruise control etc.
