SWYTCHD, a startup that develops electric bike conversion kits, was featured on Shark Tank India Season 2 Episode 38. The episode was a thrilling one, as the company’s founder, Ashish Kumar, pitched his business to the sharks and sought investment for his company. Let’s take a closer look at the episode and how SWYTCHD is disrupting the electric bike industry.
Swytchd is a business located in Bangalore that presents E-vehicles in India through a subscription model, which includes the top electric cars in India. All benefits of ownership are included in a monthly commitment without any hassle, including insurance, servicing, breakdown, and free public network charging. No deposit is required!
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The Problem with Electric Bikes
Electric bikes are becoming increasingly popular in India, as people look for sustainable and eco-friendly modes of transportation. However, many people are hesitant to invest in electric bikes due to their high cost. A new electric bike can cost anywhere between INR 50,000 and INR 1 lakh, which is out of reach for many people.
Additionally, many people already own conventional bikes that they are attached to and do not want to buy a new bike just to go electric. This is where SWYTCHD comes in. The company has developed an electric bike conversion kit that can be installed on any bike, converting it into an electric bike.
The SWYTCHD Solution
SWYTCHD’s electric bike conversion kit includes a motor, battery, and controller that can be easily installed on any bike. The kit is lightweight and compact, making it easy to transport and store. The company’s proprietary design allows the kit to be installed in under 5 minutes without any special tools.
Swychd is an Electric Vehicle Subscription Platform that provides its customers with free public charging, servicing and maintenance at all locations, breakdown cover, comprehensive insurance, and much more. According to the company, the vehicle is provided with the ability to charge (free of charge) at home or at public places. At the end of the rental period, SWYTCHD refunds customers the charging amount. SWYTCHD also allows its customers to receive different vehicles every month.
The conversion kit is also affordable, costing only INR 25,000. This is significantly cheaper than buying a new electric bike and is within reach for many people. The kit is also modular, which means that users can upgrade or replace individual components as needed, making it a cost-effective solution for the long term.
The SWYTCHD Pitch
During the episode, Ashish Kumar pitched his business to the sharks, seeking an investment of INR 50 lakhs in exchange for a 10% stake in his company. The sharks were impressed with the product and saw the potential for it to disrupt the electric bike industry. They also recognized that the company had a first-mover advantage in the market.
The sharks were particularly impressed with the affordability of the conversion kit, as it made electric bikes accessible to a wider audience. They also saw the potential for the kit to be used in the bike-sharing industry, where companies could convert their existing fleet of bikes into electric bikes, reducing their carbon footprint and providing a more sustainable mode of transportation for their customers.
The SWYTCHD Future
SWYTCHD has already seen significant success in the Indian market, with over 2,000 units sold in its first year of operation. The company is also looking to expand globally and has already established a presence in the United States and Europe.
With the investment from the sharks, SWYTCHD plans to accelerate its growth and expand its product line. The company is already developing a more powerful conversion kit that will allow users to convert their bikes into high-performance electric bikes, suitable for off-road use and long distances.
The company is also exploring partnerships with bike-sharing companies and municipalities to provide sustainable and eco-friendly transportation solutions. SWYTCHD is well-positioned to become a game-changer in the electric bike industry and a leader in sustainable transportation.
Conclusion
SWYTCHD is a game-changer in the electric bike industry. Their innovative subscription model for electric vehicles is a breath of fresh air for Indian consumers who are looking for an affordable, hassle-free, and environmentally friendly way to own a vehicle. The company’s commitment to providing its customers with free public charging, servicing, breakdown cover, comprehensive insurance, and more have made it stand out in a highly competitive market. With their appearance on Shark Tank India Season 2 Episode 38, the company is sure to gain even more recognition and attract more customers who are interested in sustainable transportation options. Overall, SWYTCHD is an excellent example of how innovation and sustainability can go hand in hand to bring about positive change in our communities and the world.