PMV Shark Tank India Pitch:
PMV which stands for personal mobility vehicles is an Indian startup which appeared on Shark Tank India season 2. Their product is EaS-E, your everyday car. This is India’s first fully electric, 2-seater smart microcar. The founder sought an investment of ₹1 Crore for 1% equity valuing the business at ₹100 Crores.
The brand is trying to establish PMV’s as a category and they are hoping to be a leader in this. The company have done several tests and they are now at their 6th prototype. He said they started working on the first concept in 2016.
PMV’s vehicle was still at a prototype stage at the time of their pitch. The founder shared that they are still working on engineering the car and then they would go for certifications to get the EaS-E production ready.
PMV has developed all the tech for the car. EaS-E is remotely controlled and has advanced features like most luxury cars. They also have a feature which keeps count of honking to make people conscious and help reduce noise pollution.
Kalpit shared that he is aiming to make EaS-E every household’s second car. The vehicle is also Quadricycle which means that it is similar to a bicycle and tricycle but has four wheels. This would also restrict the car to have a top speed of 70kph.
PMV Revenue & Financials during Shark Tank India:
PMV has priced EaS-E at a starting price of ₹4 Lakhs. They already have preorders of 1,000 vehicles which would have a book value of ₹50 Crores. The founder added that they also have 25,000 people who expressed interest in the vehicle. The founder has invested ₹50 Lakhs of his own money and has raised ₹53 lakhs in investments. Their last round was done at ₹15 Crore valuation. The company is currently raising a bigger round of ₹10 Crores.
PMV Shark Tank India Negotiations & Funding:
Vineeta went out due to perception challenges with Indian consumers. Aman felt like this would just not work at all, so he went out as well. Namita felt like the company was too early for an investment. Peyush went out due to his lack of expertise in this area.
Anupam liked the entrepreneur, so he wanted to bet on the founder. He offered ₹60 Lakhs for 4% equity and the rest as debt. He added that this would be conditional on his pre-order claims and traction. Kalpit takes a moment to think and comes back to the counter at ₹50 Crore valuation. Anupam refused to increase the valuation, and PMV went out of the tank without a deal.
Who is the founder of PMV?
Kalpit Patel founded PMV. He added that he is a curious person who enjoys doing new things. He is an engineer and has done MBA. for his work experience, he worked at a bank in the past. He’s been working on this project since 2018.
How is PMV doing after Shark Tank India?
Our research in the PMV revealed that while their appearance on the show gave them nationwide exposure, it wasn’t enough for the company’s survival. As of January 2025, The company have not moved much further. while they made the vehicle available to pre-order, manufacturing of the car is still not started.
They have also stopped updating any of their socials and all these signs are leading us to believe that the company is out of business and project as we know it is dead. you can check out other shark tank India companies by clicking the Amazon button below!
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Here are other companies from Season 2 Episode 19.