Sports & Outdoors
Hornback
SEASON 2 : Episode 37
BRAND
Hornback
COMPANY NAME
Hornback E-Mobility Private Limited
FOUNDERS
Nishith Parikh, Rajkumar Kewat
ORIGNAL ASK
Rs. 50 lakhs for 1% equity at a valuation of Rs. 50 crores.
DEAL
Rs. 50 lakhs for 2.5% equity at a valuation of Rs. 20 crores.
Hornback is an electric automobile startup that offers a full-sized, diamond-frame electric folding bicycle. It is one of the latest innovations in the bicycle industry.
A Hornback bicycle can be folded in half in seconds using a system that is both simple and easy to understand. This enables riders to bring their bicycles along with them wherever they go, whether on public transportation, in the trunk of a vehicle, or even into a tiny apartment.
Another essential aspect of the design of the Hornback is its focus on performance. With features like high-quality components, innovative gearing systems, and quick brakes, the company’s bicycles are intended to provide a comfortable and efficient ride. This allows riders to confidently tackle a range of terrains and conditions, from city streets to mountain routes.
The lightweight design of Hornback bicycles is one of the company’s most distinguishing features. The battery features are 250W, a range of 45 km, with a charging time of 4 hours.
Founders & their story
Nishith Parikh
Rajkumar Kewat
During their graduation days at IIT Bombay, the duo realized the necessity for a foldable, full-sized, diamond-frame E-bike.
They observed that many individuals ride bicycles with smaller wheels. Despite this, they were not comfortable due to the size of the cycle. They were also required to carry large bike racks to transport their bicycles. Seeing this, they came up with the concept of constructing a battery-powered bicycle with a diamond-shaped frame that can also be folded.
In 2018, the partners decided to investigate the electric vehicle industry and started designing the project.
About the company:
Hornback is based out of Hyderabad & is yet to be launched. It is one of the few organizations in India with 4 patents & that have in-house design, research and development, fabrication, and paint systems.
New and creative, Hornback has greatly influenced the vehicle industry. Hornback has launched the world’s first full-size folding electric bicycles with a diamond-shaped frame that can be folded in half in only seconds. This patent mechanism facilitates mobility and portability since it may be simply fitted into escalators, metro trains, automobiles, and other locations by assuming a suitable form.
Amounts Raised:
Rs. 3.33 crores at a valuation of Rs. 15.53 crores
Revenue:
The company is yet to be launched. Although, they have received a Pre-launch order for 80 bicycles.
Founder’s Ask
Rs. 50 lakhs for 1% equity at a valuation of Rs. 50 crores.
Offers:
Amit offered Rs. 30 lakhs for 2% equity at a valuation of Rs. 15 crores & Rs. 20 lakhs in debt @12% interest.
He later revised his offer to Rs. 50 lakhs for 3% equity at a valuation of Rs. 16.67 crores & then again changed to Rs. 50 lakhs for 2.5% equity at a valuation of Rs. 20 crores.
Founder’s Counter Offer
Rs. 50 lakhs for 1.5% equity at a valuation of Rs. 33.33 crores.
Final Deal
The deal was finalized with Amit at Rs. 50 lakhs for 2.5% equity at a valuation of Rs. 20 crores.
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