Entrepreneur Name- Sameer Arif
About the Entrepreneur- The company’s founder is Sameer Arif, a 29-year-old individual hailing from Bangalore.
He has held various senior positions within the automotive industry for the past decade.
LinkedIn Profile- https://www.linkedin.com/in/sameer-arif-7a94aa60/
| Brand Name– | Swytchd |
| Brand Website- | https://swytchd.com/ |
| Business Category– | Electric Vehicles |
Innovation – Yes, The business vision of SWYTCHD India is to establish a connection with the latest developments in electric vehicles, enabling customers to own them without incurring significant expenses.
This is achieved by offering relief in comparison to the current EMI model and making vehicle ownership a hassle-free experience.
| Company Valuation– | ₹16.67 Crores |
| Equity Asked– | ₹50 Lakhs for 3% Equity |
| Deal Closed– | No |
| Target City/Country- | India |
| Total Addressable Market- | USD 1.45 billion in 2021 |
| Product/Services– | EVs on a Subscription Basis |
About the Product- Electric vehicles come with a high price tag, but younger generations such as millennials and GenZ are more interested in experiencing them rather than purchasing them outright.
To cater to this demand, Switched has established an all-inclusive subscription-based electric vehicle business.
Their services, which are available for a monthly fee, include the vehicle itself, insurance, servicing, breakdown support, and free charging.
Customers have the option to switch to a different vehicle after using one for a month, or to cancel their subscription if they no longer require a vehicle.
Switched began operations in December 2021 and has already provided 127 vehicles to active subscribers in Bangalore, with a waitlist of more than 700 people. The vehicles are provided to customers through a lease model.
Conclusion–
Sameer Arif asked ₹50 Lakhs for 3% Equity. None of the sharks were interested in the deal. It concluded in No Deal.
Swytchd Shark Tank India Review