Revamp Moto, a startup based in Nashik, India, has developed electric two-wheelers that are equipped with Modular Utility Platforms to help micro-entrepreneurs transport more loads. This makes the bikes convenient and helps entrepreneurs save time and effort. Jayesh Tope, Pritesh Mahajan, and Pushkaraj Narendra Salunke, the founders of Revamp Moto, had a shared vision of becoming entrepreneurs, having previously worked on electric vehicle (EV) projects while in college. They met by chance through a mentor at DISQ, a TCS incubation center, during their time in the EV industry. This meeting opened their eyes to the problems micro-entrepreneurs have been facing due to their two-wheelers’ limited cargo space although these vehicles are used for various purposes like tea vending, Food delivery services have been going through difficult times with inadequate vehicles and a lack of proper fleet management leading to longer times between breakdowns. This has affected their ability to fulfill customer demands efficiently.
The founders of the company had a vision to create a multi-functional bike with multiple mounting positions. This would enable them to carry an array of items, including parcels, huge boxes, water cans, and more. Thanks to their patented swappable accessory modules, that dream has become a reality.
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Revamp Moto has developed two electric bike models. The first one, called RM Buddy, is a low-speed EV with five distinct attachments for various daily requirements. It has a range of 70 km and a payload capacity of 120 kg. The second model, RM Mitra, is an all-electric bike with a range of 130-140 km and a payload capacity of 200 kg. The vehicles come with swappable battery packs that can be charged separately or in the vehicle, and the charging time is three to four hours.
The company’s IoT telematics unit powers the bike and several low-powered appliances and enables fleet operators to communicate with the bike in real-time for metrics such as capacity, range, current location, and faults, if any. Using remote technology, the fleet operations of the startup can be managed. Additionally, they also offer a premium plan which allows users to automate their processes. They have tested this system with numerous organizations such as Swiggy, Rebel Foods, and Domino’s and have received positive feedback from all of them.
In 2022, Revamp Moto was able to successfully raise one million dollars in funding due to some key investors. Notable individuals such as Aman Gupta (Co-founder of boAt), Anupam Mittal (Founder of People Group), Peyush Bansal (CEO of Lenskart), and Ashneer Grover, former Managing Director of PhonePe, have all made financial contributions to the venture.
Other investors who participated in the funding round included VCATS, Veda VC, the Maharashtra Government, Capital A, and notable individuals such as Deven Bhandari from the Bhandari Group and Ashwin Kandoi of Winjit Technologies. This significant funding boost will allow Revamp Moto to expand its operations and develop innovative solutions that can revolutionize the automobile industry.
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Revamp Moto is among the many companies that are competing in the crowded and competitive automobile industry. It faces fierce competition from industry giants like TVS Superxl, Hero Electric Nyx, and River, who have been dominating the market for decades.
In a report by RedSeer Consulting, India is projected to sell 22 million electric two-wheelers by 2030. This provides a great opportunity for Revamp Moto in the micro-entrepreneur segment as they can capitalize on this exponential growth. The startup is currently at a pre-revenue stage and has not yet made any sales. The company has an annual production capacity of 1.5 lakh EVs through its contract assembly partner Panache DigiLife, a listed manufacturing company.
The founders of this company make it a point to visit Bengaluru, Pune, and Mumbai periodically in order to stay connected with other stakeholders as Nashik is geographically remote from the startup world. Tope pointed out that Shark Tank India was the ideal platform for Revamp Moto to launch off and be successful. This caused numerous people to leave their established jobs at companies such as BSH, Mahindra, and Ola in order to join the startup due to its incredible vision.