Gear Head Motors Hyderabad Base is an Affordable Electric Bicycles and Tricycles Startup. This electric bicycles startup was founded in 2018 by Nikhil Gunda and Meher Sai. This company claims to provide electric bicycles at an affordable price.
Cost of Hero Electronic Bicycle Lectro C3(26) Knight Black is ₹26,000 and Gear Head Motors model L bicycle is ₹24,749 More Range, Speed and Charge Time.
This company is providing the bicycle with more capacity at a lower price than the cost of other electronic bicycles in the current Indian market.
When Nikhil was studying at Anurag University, he solved a big problem of student and coffee shop by building a coffee Pre-order app. Nikhil along with Arya Revanth started the DigiDine Coffee startup business in April 2016.
So Nikhil’s interest was on electric vehicles, so he launched Gear Head Motors in association with his college senior, Meher Sai. Initially, this company had sold 100 units of electronic bicycles and in that they had made an estimated revenue of ₹70 lakhs. They have 200+ distribution centers all over India.
Founder appeared in Shark Tank India season 2 episode 4 and asked sharks for ₹75 lakhs for 2% equity at ₹37.5 Crores valuation. The company says that it can provide an affordable bicycle for everyone.
What Is Gear Head Motors?
Gear Head Motors is an affordable electric bicycle startup and this bicycle offers a lot of features while being priced much lower than other brands.
In 2020, the company launched its first e-bike (ABLE 350) in partnership with Cycle Manufacturers Company of Ludhiana. It had delivered 1000+ Able 350s in partnership with the Telangana government.
Currently the company is ready to sell 4 bicycles MFE MODEL -L, MFE MODEL -I, MFE MODEL -F and MFE MODEL -E. It will cost ₹24,749, ₹28,799, ₹35,999 and ₹40,499.
All the bikes get LED display and the company has launched Dash App for the EV community.
|Company Name||GHM WORKS PVT LTD|
|Founder||Nikhil Gunda and Meher Sai|
|Business||Affordable Electric Bicycles and Tricycles|
|Asked For||₹75 Lakhs for 2% equity|
|Final Deal||₹1 Crore for 6.67% equity|
|Shark||Aman Gupta and Peyush Bansal|
|Episode (Shark Tank India)||S2 E4|
|Air Date||Jan 5, 2023|
|Business Status||In Business|
|Headquarters||Hyderabad, Telangana, India|
|Go To Amazon||Buy Now|
Another Shark Tank India Pitch
Who Is The Founder Of Gear Head Motors?
The Co-Founder of Gear Head Motors is Meher Sai and its another Co-Founder is Nikhil Gunda. Both of them have completed their studies from Anurag Group of Institutions.
How Was The Shark Tank India Pitch Of Gear Head Motors?
Nikhil and Meher entered Shark Tank India driving their e-bikes and demanded 75 lakhs from the sharks for 2% equity. At the age of 19, Nikhil had done a business of 2 crores by selling his coffer business to an American company.
Nikhil holds 60% shares of the company and Meher holds 40% shares. In the financial year 2021-22, they did total revenue of ₹3 crores. Their 4-month revenue in the financial year 2022-23 was ₹1.5 crores.
By the end of 2023, their projection is to make a revenue of ₹20 crores. Last month their sale was of ₹50 lakhs. Last month their profit is ₹8 lakhs and this month’s profit will be estimated ₹9 lakhs.
Small battery gets full charge in 2 hours and big battery in 3 hours. They have so far raised ₹3 crores at ₹15.60 crores valuation.
Aman Gupta and Anupam Mittal said that if the two companies are not combined, then they are out now.
Founder made a combined offer of ₹1 crore for 3% equity at ₹33.3 Crores Valuation of the merged entity. The market size of e-bikes is $60 billion globally and $30 billion in India, says founder Nikhil. The current e-bike market size in India is estimated at $2 million.
Vineeta Singh said that this is a risky business for her, so she is out. Anupam Mittal said that the founder does not know about the market and is slippery like a banana peel, so he is out of it.
Namita Thapar said she is out due to trust issue. Aman Gupta said that he is finding this business a “Golmaal”. Aman Gupta & Peyush Bansal team up to offer ₹1 Crore for 7.5% equity at ₹13.33 Crores valuation + Same Valuation as previous investor and Both Companies to be merged.
Founder said they want to keep their minimum valuation at ₹15 crores. Aman and Peyush finalize a deal of ₹1 Crore for 6.67% equity at ₹15 Crores Valuation.
Finalize: Aman Gupta & Peyush Bansal invested ₹1 Crores in “Gear Head Motors” for 6.67% equity.
What Happened To Gear Head Motors After Shark Tank?
Gear Head Motors bags deal in Shark Tank India subject to conditions that the two companies will be combined. The founder had put an average valuation of both their companies at ₹33.3 crores on 3% equity.
In 2023, the company plans to launch the most efficient electric vehicle in Tier 2 and Tier 3 cities of India. Presently it is being worked on.
According to the entrepreneur, this company has raised a funding of ₹6 crores in the pre-seed round led by Hemin Shah, director, Collabera USA and other.
By January 2023, the startup has delivered 8000 tricycles and 5000-plus e-bikes in India. In 2023, this motor vehicle manufacturing company is moving forward with a big goal.
Gear Head Motors Shark Tank India Update
Peyush and Aman invest in Gear Head Motors Company. The focus of this company is currently on Bicycles and Tricycles.
This company had made a total revenue of ₹3 crores by August 2022. The company is projecting to make a revenue of ₹20 crores by 2023. After this episode of Shark Tank India airs, there will be 1% or 5% people who will buy this bike.
We’re following Nikhil Gunda and Meher Sai along with their company for further updates.
Gear Head Motors Funding List
Here is the investment list of Gear Head Motors.
|Sep, 2021||₹3 Crores||Hemin Shah and more..||Seed Round|
|Dec, 2022||₹6 Crores||Hemin Shah, Collabera USA and more..||Seed Round|
|January 2023||₹1 Crores||Aman and Peyush||–|
This company has raised an estimated investment of 10 crores by January 2023.
What Is Gear Head Motors Net Worth?
At present, the estimated worth of Gear Head Motors is ₹15 Crores. In the coming time, this company will need a lot of funding to grow in India and Global market. Both the co-founders are working hard to grow their business.
Currently the market size of e-bikes is estimated to be around $50 billion globally. The exact figure of this industry in India has not been revealed yet. The market size of this industry in India is estimated at $2 million.
Is Gear Head Motors Still In Business?
Gear Head Motors startup is running since 2018 and this startup was launched by Nikhil & Meher in Hyderabad.
Several media publications have featured the company as The Better India. Entrepreneur, Business Insider India, Mint, Business Today and many more.
This e-bike company is headquartered in Hyderabad, Telangana, India and employs 20 to 50 people.
Yes, Gear Head Motors is still in business as of January 2023.
Gear Head Motors: Latest Deals, Promo Code & News
Follow @sharkatanktalks1 for latest updates and promo codes related to this product and company.
frequently asked questions
What is Gear Head Motors worth?
The current worth of Gear Head Motors Company is ₹15 Crores.
Who is the Owner of Gear Head Motors?
Gear Head Motors was launched in 2018 by Nikhil Gunda and Meher Sai.
What Was the Valuation of Gear Head Motors in Shark Tank India?
In Shark Tank India, Gear Head Motors raises funding at ₹15 crores valuation, Founder seeks investment at₹ 37.5 crores valuation.