Gear Head Motors has raised INR 1 Crore for the equity of 6.67% at a valuation of INR 15 crores from Shark Tank India Season 2. Gear Head Motors raised ₹3 cr, valuing it at $2mn ~ ₹15.6 cr.
Aman & Peyush Offer – ₹1 Cr for 7.5% Equity, Valuation – ₹13.33 Cr. Business Pitcher Counter – ₹1 Crore for 6.67% equity, Valuation – ₹15 Crore. Then Aman and Peyush agreed to the deal of pitcher.
About Gear Head Motors
Gear Head Motors aims to provide safe and reliable products by being an efficient, effective, eco-friendly, affordable EV Vehicle Brand. Founders – Nikhil Gunda & Sai Meher. Nikhil Gunda has more experience in the business, so he holds 60% equity, and Sai Meher holds 40% equity.
Brand was started in 2017 by converting IC vehicles into electric. They got their first customer in 2018 with Batter Tech Gear Head Motors Research. In 2019, he did the EV 3 Wheeler Vehicle Test. When he designed this for a disabled person, he saw the rising sun in 30 years and told him after 1 month that due to this product, he started earning ₹ 300. He produced it on a large scale and gave 15 thousand to the government. Sold Gear Head Motors EV 3 Wheeler Vehicle.
Gear Head Motors can run 60 km per charge. The Bicycle L Model is priced at ₹27,500. The I Model is priced at ₹28,800; the F Model is priced at ₹35,999, and the E Category is at ₹40,499. He has sold 1500 EV 3 Wheeler Vehicle to Govt. Last month sales were ₹ 50 lahks. Sales by FY 2021 were ₹3 Cr, and FY 2022 – 23 was ₹1.5 Cr. Last month profit was ₹ 8 lakh.
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Problem Solved by Gear Head Motors
Modern life cannot function without transportation, yet the conventional combustion engine is gradually ageing. Vehicles powered by gasoline or diesel are very polluting, and fully electric vehicles are quickly replacing them. Fully electric cars (EVs) from Gear Head Motors have no tailpipe emissions and are considerably better for the environment. An electric vehicle significantly reduces operating costs compared to a petrol or diesel vehicle. Instead of using fossil fuels like gasoline or diesel to charge their batteries, electric vehicles use electricity.
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