Entrepreneur Name- Rajkumar Kewat and Nishit Parikh
About the Entrepreneur- Rajkumar Kewat and Nishit Parikh, both hailing from Hyderabad, are the co-founders of Hornback.
They were classmates during their time at IIT Bombay and obtained master’s degrees in Designer and Industrial Engineering.
LinkedIn Profiles
| Rajkumar Kewat | https://www.linkedin.com/in/mkewatrajkumar/ |
| Nishit Parikh | https://www.linkedin.com/in/nishith-parikh-41b420117 |
| Brand Name– | Hornback |
| Brand Website- | https://hornback.bike/ |
| Business Category– | Electric Bicycles |
Innovation;- Yes, The unique patented mechanism of Hornback allows it to be folded effortlessly without requiring any lifting.
Its compact size makes it highly versatile and suitable for integration into various settings, such as escalators, metro trains, cars, and other locations, by adapting its shape to fit the space.
| Company Valuation– | ₹20 Crores |
| Equity Asked– | ₹50 Lakhs for 1% Equity |
| Deal Closed– | Yes |
| Final Shark Tank Deal– | ₹50 Lakhs for 2.5% Equity |
| Target City/Country- | India |
| Total Addressable Market- | $2.08 million by 2026 |
| Product/Services– | Foldable Electric Bicycles |
About the Product- Electric bicycles are becoming increasingly popular for local transportation and city commuting, but they can be inconvenient to bring on public transportation like the metro or bus.
Hornback has created a solution to this problem: the world’s first full-sized, diamond-frame electric folding bicycle.
With a patented mechanism, the bicycle can be easily folded without the need for lifting, making it portable and suitable for carrying on public transportation, in the office, or even in the trunk of a car.
Despite its compact size, the bicycle is designed to provide a comfortable and sturdy ride.
Hornback has already received 80 pre-orders for their product, which features a 250W battery with a range of 45 kilometers and a charging time of 4 hours.
The folding and locking mechanism is simple, involving the locking of the steering limiter, raising the left side panel, unclamping the latch on the bottom tube, holding the left brake, moving the front part near the seat, moving a tube upward, and locking the male-female lock with a click sound.
The bicycle is then securely locked.
Conclusion–
Rajkumar Kewat and Nishit Parikh initially proposed to offer 1% equity in exchange for ₹50 Lakhs.
When pitched to Shark Amit, he offered ₹30 Lakhs for 2% equity and ₹20 Lakhs debt at a 12% interest rate.
In response, the pitchers proposed 1.5% equity in exchange for the requested ₹50 Lakhs, but Amit countered with an offer of ₹50 Lakhs for 3% equity.
However, this counteroffer was not accepted, and Amit offered ₹50 Lakhs for 2.5% equity. Finally, the deal was concluded with Amit for ₹50 Lakhs in exchange for 2.5% equity in the company.
Hornback Shark Tank India Review