Revamp Moto, established in Nashik, provides electric two-wheelers outfitted with modular utility platforms to assist micro-entrepreneurs in increasing their earnings.
Revamp Moto, located in Nashik, offers electric two-wheelers equipped with Modular Utility Platforms. Jayesh Tope, Pritesh Mahajan, and Pushkaraj Narendra Salunke founded the firm after working on various electric vehicles (EV) projects in college and afterwards venturing into developing an agritech supply chain startup during the epidemic. They recognised that micro-entrepreneurs battled with restricted cargo capacity, inferior vehicle quality, inefficiencies in fleet management, and longer breakdown times, so they set out to create a multi-utility bike with several mounting locations to handle a variety of commodities. The firm has created two electric bike models, RM Buddy and RM Mitra, with a range of 70 km and a payload capacity of 120 kg, respectively.
Revamp Moto is a firm that is introducing Mitra, a bike with interchangeable accessory modules, an Internet of Things telematics device, and interchangeable battery packs. It will complete the first 100-200 Buddy deliveries through B2B partnerships by March. The bikes have a software-as-a-service (SaaS) platform and a dashboard for real-time communication with the bike about parameters like capacity, range, current position, and defects. The startup has conducted many experiments with shared mobility companies, last-mile delivery companies, and ecommerce companies. Revamp Moto has a 1.5 lakh EV yearly production capability through its Nashik-based contract assembly partner Panache DigiLife.
Revamp Moto competes with market leaders like as TVS Superxl, Hero Electric Nyx, and River. In 2022, Revamp Moto raised a million dollars from Shark Tank India judges Aman Gupta, People Group Founder Anupam Mittal, Lenskart CEO PeyushBansal, and Ashneer Grover, among others. The firm has also received investments from VCATS, Veda VC, the Maharashtra government, Capital A, and angel investors. The reality TV programme assisted them in overcoming the obstacle of establishing in a Tier-II city, since Nashik provides the 40-person team with a strong grasp of the market, minimal capital burn, concentrated product innovation, and government backing. By 2030, India is predicted to sell 22 million electric two-wheelers, whereas the four-wheeler-dominated markets of the United States and China have penetration rates of 63% and 56%, respectively.
The team hopes to sell 40,000 cars of both kinds by the end of the next fiscal year, and it has long-term intentions to join the three-wheeler utility market. Revamp Moto also hopes to enable startup money for micro-entrepreneurs and is already in discussions with several banks about a finance collaboration.
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