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Raising Rs 1 Crore on Shark Tank, EV Startup Builds India’s First ‘Transformable’ EV

A ‘Made in India’ product, the RM Buddie 25 developed by Nashik-based EV startup Revamp Moto, is accompanied by swiftly swappable attachments like a child seat, saddle stay and saddle bags, insulated box, carrier, base plate and base rack.

Raising Rs 1 Crore on Shark Tank, EV Startup Builds India’s First ‘Transformable’ EV

After winning over investors on Shark Tank India in December 2021, Nashik-based Revamp Moto is all set to launch the RM Buddie 25 with swappable batteries. 

This is India’s first transformable EV, say the founders. 

“As Indians, we are known for our jugaad. A significant chunk of people using two-wheelers in India use their vehicles for more than just mobility — from carrying goods to setting up shops on two wheels. All of this is actualised using makeshift solutions risking their own safety. We decided to address this problem by providing swappable attachments that could cater to the varying needs of the customers, making our vehicles a truly transformable EV,” says Pritesh Mahajan, co-founder and CEO of Revamp Moto. 

These swappable parts include a child seat, a backrack, an insulated box and a carrier. The company claims that Buddie has been completely built in-house with locally sourced components except for lithium-ion cells.

On Shark Tank, Revamp Moto raised funding amounting to Rs 1 crore from Aman Gupta, co-founder of boAt, and Anupam Mittal, founder of People Group, for 1.5% equity. After the show, however, other sharks like Ashneer Grover and Peyush Bansal also came in to invest Rs 50 lakh each.

Being an EV, Buddie does not require a license or registration to be driven. It will be available to consumers at prices starting from Rs 66,999. The deliveries of pre-booked Buddies are expected to be done by April 2023.

Watch this video to know more about this ingenious EV.

YouTube player

Edited by Divya Sethu

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