Gets 1 crore for 1 % equity [Video]

India is a rustic filled with entrepreneurs, and not too long ago a present that helps in pushing these entrepreneurs to the subsequent degree has gained a ton of recognition within the nation. By now you will have very effectively guessed in regards to the present that we’re speaking about. Sure, we’re talking of the well-known tv present Shark Tank. Not too long ago two entrepreneurs stepped into the stage of Shark Tank the place they pitched their last-mile supply electrical three-wheeler that goes by the identify of OTUA. The homeowners of the electrical mobility startup Dandera Ventures requested for Rs 1 crore in change for 1 p.c fairness of their firm.

The homeowners of the corporate entered in entrance of the Sharks (traders) and began their pitch explaining the corporate, their electrical three-wheeler OTUA and their fairness construction. Kshitij Bajaj and Kanav Manchanda began by saying they’re a technology-backed automotive manufacturing firm that goals to disrupt the last-mile supply business with their new three-wheeler.

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They introduced their prototype to the Shark Tank stage and defined that it has an electrical drive practice, anti-tilt expertise, higher ergonomics, 165km vary and a load carrying capability of 1 ton which is far more than any of its competitors. The entrepreneurs added that the OTUA options their proprietary battery that may be operated in any a part of the nation whatever the temperatures. Moreover they added that their three-wheeler is predicated on a modular chassis which could be transformed into passenger carrying automobile or supply automobile relying upon the shopper wants.

Following the introduction of their firm and product they reveal that they’re there to search for an change of 1 p.c fairness of their firm for Rs 1 crore and upon listening to this the sharks gave a shocked response. The sharks then proceed to ask them in regards to the identify of their product. One of many sharks guessed that the identify was derived from the Bhojpuri phrase “OTUUAA” to which Bajaj replied that the it was an element within the naming however normally it was a phrase play. One other shark guessed that the phrase OTUA is auto spelled backwards.

Then the sharks query the entrepreneurs about their expertise and background and the way the 2 companions met one another. Bajaj then replied that he’s an automotive designer working for 16 years on this discipline and Manchanda replied that he’s businessman who has labored at his household enterprise. Later the sharks then requested in regards to the fairness construction of their firm to which they replied that until now they’ve invested round Rs 70 lakh within the firm and earlier than coming to the shark tank they’ve already signed a deal for 49 p.c stake of their firm with a Gurugram primarily based firm and a further 2 p.c fairness with the incubator of the deal.

The co-founders additional revealed that the brand new firm will infuse Rs 30 crore of their model to assist them in manufacturing of their electrical three wheeler. Following this the entrepreneurs and sharks shuttle a a number of instances asking numerous questions and eventually 4 of the 5 sharks declare that for his or her particular causes they can not go forward with the deal. On the finish the Bharatpe founder Ashneer Grover strikes a cope with the corporate homeowners for 1 p.c fairness for Rs 1 lakh and Rs 99 lakh as a debt at 12 p.c rate of interest for over 5 years.

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