1. UNITED INSTITUDE OF MANGEMENT
INNOVATION AND ENTERPRENURSHIP
GROUP ASSIGNMENT NUMBER 1
GROUP PRESENTATION NUMBER 8
TOPIC NAME : REVAMP MOTO EV
COMPANY
4. REVAMP MOTO COMPANY
Revamp Moto is an EV company based out of Nashik and aims to provide
sustainable adaptive solutions for mobility. The company recently launched
their first product in the Metaverse, the RM Buddie 25 for a price of Rs
66,999. Apart from this, Revamp Moto also as has another product in the
pipeline - RM Mitra which should be launched sometime in the first quarter of
FY 2022-23. With electric two-wheelers like these, Revamp Moto wants to
deliver products that would be employed in last-mile deliveries, shared
mobility and other business needs. In a conversation with Pritesh Mahajan,
CEO, and Co-founder of Revamp Moto, we talk about the unique and purpose-
built offerings of his company. Revamp Moto is designing and developing its
products in-house ..
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5. RM Buddie 25 is a low-speed scooter with a top speed of 25 kmph. It has a
payload of 120 kg and a range of 70 km. The RM Mitra, on the other hand, can
achieve a top speed of 65 kmph. It also has a higher payload of 200 kg and a
range of 140 km. According to Revamp Moto, both vehicles are equipped with
one of the most compact swappable battery packs designed and developed in-
house by Revamp Moto
6. Revamp Moto, an electric two-wheeler manufacturer, has raised over $1
million in pre-seed funding round from Veda VC and Venture Catalysts. Other
participants included IDBI Capital and angel investors like Deven Bhandari
and Sharks — Aman Gupta, Anupam Mittal, Ashneer Grover, and Peeyush
Bansal.
Started in January 2021 by Pritesh Mahajan, Jayesh Tope and Pushkarak
Salunke, Revamp Moto manufacturers electric two-wheelers for delivery
agents, milkmen, vegetable vendors and others. The comp ..
7. CO -Founder and CEO OF REVAMP MOTO
JAYESH TOPE CO FOUNDER AND DIRECTOR , PUSHKARAJ SALUNKE CO FOUNDER
AND PRITESH MAHAJAN CO FOUNDER
8. Unlike other EVs, our focus is to solve mobility requirements of
micro-entrepreneurs for their business as well as daily needs.
Our products RM Mitra and RM25 are built not just for
transportation but also for businesses to increase productivity
and income. We are fortunate to have investors that are
aligned with our purpose,” said Pritesh Mahajan, cofounder
and CEO Revamp Moto.
JAYESH TOPE CO FOUNDER AND DIRECTOR , PUSHKARAJ SALUNKE CO FOUNDER
AND PRITESH MAHAJAN CO FOUNDER
9. SALES
The company will be relying on bulk B2B orders for now while individual B2C
orders are something that can be a goal for the future. Pritesh said, “We are
on a mission to offload 2,50,000 units of both vehicles cumulatively on the
road by the year 2025. Initially, the plan is to have a D2C delivery model via
online bookings and multiple brand collaborations. Post 6-8 months of
entering the market, we will have a dealership network setup for the physical
presence in the market. This will help us gauge the market before setting up
experience centres across the country
10. QUIRKY & UNIQUE DESIGN
A quirky & unique design We asked Pritesh about the inspiration behind the
unique design of his products and he replied, “The approach while designing
our vehicles was to ensure the fusion of good thought-through engineering,
technology, modularity and aesthetic design.” Apart from aesthetics, there is
also a practical side to the design as he continued to say, “We were focused
on allowing our customers with maximum loading spaces that can be
customized as per their requirements. Our designers took inspiration from the
futuristic Ridecake Osa and UBCO 2x2 sold in the European and Australian
markets respectively (two-wheelers), as well as Canoo and Arrival from the US
markets (four-wheelers)
11. COMPETITIVE MARKET FOR ELECTRIC
VEHICLE
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.
Revamp Moto's competitors include Ather Energy, Ola Electric, Gogoro,
Segway-Ninebot.
12. RM Buddie 25 attachments The main highlight of the RM Buddie 25 is its
attachments. The company is currently offering the following attachments –
Base rack Carrier Child seat Insulated box Saddle stay and bag
Revamp Moto Funding & Investment Revamp Moto has raised a total funding
of $1.15M over 2 rounds. Their latest funding round was a Seed round on Apr
13, 2022 for $1.02M.
13. PARTNERSHIP ENDEAVOURS OF REVAMP
MOTO
When asked about tie-ups, Pritesh said, “We have inked our recent tie-up with Panache
Digilife that will enable us to focus on R&D and continuous development of our products, by
contract manufacturing the vehicles for us which is a big task in itself. We are in the process
of finalising our discussions with one of the delivery unicorns of India to directly deliver our
EVs to the customer's doorstep. We have tied up with multiple financing partners to offer our
products on no-cost and low-cost EMI options to our customers. We are in discussion with
multiple battery swapping companies to enable our EVs with widespread battery swapping
infrastructure pan India. We have ample collaborations in the pipeline that would focus on
after-sales services, warranty, insurance, indigenous components development and many
more key areas, to ensure our customers have a hassle-free experience of owning our
products.”
"Our two-wheelers are focused on solving the problem of utility purposes, which can be for
B2B or B2C or both. Although we are focused on making utility vehicles, these vehicles are
versatile enough to cater to mobility needs too. This practical approach makes our EVs apt
enough to be adopted by the masses." Pritesh feels that his products could be part of the
fleet of major companies like Amazon, Flipkart, Swiggy, Zepto, Vogo, Qyk bikes and more.
