Revamp Moto Update | Shark Tank India Season 1
Revamp Moto built modular electric two-wheelers designed for last-mile delivery and utility work. The founders, Jayesh Tope, Pritesh Mahajan, and Pushkaraj Salunke, started the company in Nashik in 2020. Their flagship vehicle, the Mitra, had a base scooter frame that could accept interchangeable attachments: food delivery rack, cold storage box, garbage collection bin, and more, all swappable in under 30 seconds.
Revamp Moto on Shark Tank India Season 1
The three founders pitched Revamp Moto in Season 1, Episode 5. They rode two working prototypes into the tank. Aman Gupta and Anupam Mittal were among the sharks on the panel.
| Detail | Info |
|---|---|
| Ask | ₹1 crore for 1% equity |
| Implied Valuation | ₹100 crore |
| Deal | ₹1 crore for 1.5% equity |
| Deal Valuation | ₹66.7 crore |
| Season | 1 |
| Investing Sharks | Aman Gupta, Anupam Mittal |
The Pitch
The founders asked for ₹1 crore at 1% equity, a ₹100 crore valuation for a company that hadn’t yet delivered vehicles at scale. They made the case around the utility platform, arguing that the Mitra could address multiple sectors, delivery, municipal waste, cold chain, rather than competing in the crowded personal EV segment.
The pitch was pre-revenue. The two prototypes they brought in were functional but the company hadn’t started production. Some sharks pushed back hard on the valuation, with Namita Thapar and Vineeta Singh stepping out citing supply chain concerns and the gap between concept and commercial readiness.
What the Sharks Said
Aman Gupta and Anupam Mittal saw potential in the modular concept and made a joint offer: ₹1 crore for 1.5% equity, slightly above the ask in equity percentage but still reflecting a ₹66.7 crore valuation. The founders accepted after a back-and-forth on terms.
What Happened After
Revamp Moto used the Shark Tank visibility to raise further. Within six months of the episode airing, the company closed a Series A of ₹12 crore led by Venture Catalysts at a ₹100 crore pre-money valuation. They also received orders, including a reported 25,000 unit order in November 2023.
The problem was delivery. Revamp couldn’t scale manufacturing fast enough to fulfill the incoming demand. The gap between order volume and production capacity grew over time and the company couldn’t bridge it. By early 2025, Revamp Moto had shut down. The product never reached consumers at meaningful scale despite the early momentum.
Current Status (2025)
| Detail | Info |
|---|---|
| Status | Closed (early 2025) |
| Website | revampmoto.in |