Hornback has raised 50 lakhs in exchange for 2.5% equity in the company. Amit invested in this startup. The Pitchers asked 50 lakhs rupees for 1% equity in the company.
At first, Amit offered 30 lakhs for 2% equity and 20 lakhs debt at 12% interest. The pitcher’s counter was for 50 lakhs in exchange for 1.5% equity. Amit’s further counters were 50 lakhs rupees for 3% equity. Then Pitchers didn’t agree to that, and Amit countered 50 lakhs again for 2.5% equity.
Also Read HoloKitab has raised 45 lakhs in exchange for 25% equity in the company. Namita invested in this startup. Pitchers made an ask of 45 lakhs for 10% equity.
Rajkumar Kewat and Nishit Parikh. They are co-founders of Hornback and are from Hyderabad. Rajkumar and Nishit were IIT Bombay classmates. They obtained a master’s degree in Designer and Industrial Engineering.
Electric bicycles are becoming increasingly popular. It is used for local communities, roaming within cities, etc. 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 a patented mechanism and 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. The folding and locking mechanism is very straightforward:
- Lock the steering limiter.
- 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, and the bike is now locked.
Hornback Business statistics:
Hornback was started in 2022. Their products have already received 80 pre-orders. They installed a 250W battery with a range of 45 kilometers and a charging time of 4 hours. 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 intend to export 80% of their goods. They are currently in prototyping mode. Currently, they are not making any sales or generating revenue.
What Problem Don They Solve
Horn Back Business Folding Mechanism is a consumer product company in the business of providing solutions. They want to create value by understanding customers’ needs and innovating to provide better solutions. They are businesses located outside Hyderabad. Horn Back has launched a new product by developing a new product by designing the World’s First Diamond Folding Electric Bicycle. They have 4 patents and are one of India’s few companies with in-house design, R&D, fabrication, and paint systems.
Hornback E-Mobility is a Motor Vehicle Manufacturing Business that makes electric bicycles, bicycles, Folding bicycles, Adaptive Commuting, Environmentally Friendly E Bike, Bike, and Dimond frame folding. Currently, two main products in Horn Back Product are being sold on their website: Hornback x1 and Hornback M1.
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