Hornback’s Co-Founder is Nishit Parikh. He is originally from Hyderabad.
Rajkumar and Nishit were IIT Bombay classmates.
EDUCATION
Rajkumar Kewat has a master’s degree in Designer and Industrial Engineering.
ABOUT THE COMPANY HORNBACK
Electric bicycles are becoming increasingly popular. It is used for local communities, roaming within cities, and so on. However, you cannot take your bicycle on the metro, bus, or train. So, what is the answer? Hornback is the answer. Hornback is a car startup that creates the world’s first full-sized, diamond-frame electric folding bicycle. This bicycle folds easily without the use of a patented mechanism. It is small enough to fit in the metro, the office, or even the trunk of a car. This bicycle provides strength as well as a comfortable ride every time. Their products have already received 80 pre-orders. They installed a 250W battery that has a range of 45 kilometres and a charging time of 4 hours. The folding and locking mechanism is very straightforward:
Lock the steering limiter found on the handlebar.
Set the left side panel to its highest setting.
Push the fail-safe lever with the index finger and the latch with the thumb to unclamp the latch on the bottom tube.
Hold the left brake and move the front section closer to your seat.
The tube must then be moved upward.
The final step is a male-female lock that is locked with a click sound.
The bike is now secured.
With its electric and foldable features, the price is $44,999. They raised 3.33 billion rupees at a valuation of 15.33 billion rupees. They want to export 80% of their products.
SHARK TANK
The owners demanded 50 lakh rupees for a 1% stake in the company.
They are currently in prototyping mode. They are not making any sales and generating revenue right now.
Amit proposes 30 lakhs in exchange for 2% equity and 20 lakhs in debt at 12% interest.
Pitchers are valued at 50 lakhs in exchange for 1.5% equity.
Amit counters with 50 lakh rupees for 3% equity.
Pitchers refused, so Amit countered with 50 lakhs for 2.5% equity. The deal was finalized with Amit for 50 lakhs in exchange of 2.5% equity in the company.
