This is the first time in Shark Tank India that a founder asked for 100 hours of time from sharks, instead of money in exchange for equity. What’s even more interesting is that he did get the deal too. This happened in the pitch made by the founder of Dhruv Vidyut Electric Conversion Kit.
The sharks agreed to this unusual deal chiefly for two reasons.
- Dhruv Vidyut cyscles are one of a kind, it has no match worldwide. It can upgrade a normal cycle into a motor and battery-powered electric cycle.
- It will massively impact the transportation opportunities of the rural people and give them easy access to hospitals, education, recreation, bank, etc.
The founder of this kit Gursaurabh Singh has the vision that his invention can reach and impact the lives of 8 crore people in rural India and provide them with better facilities.
Dhruv Vidyut Electric Conversion Kit
The founder Gursaurabh Singh made his 1st prototype and created a video in Feb 2022, which went super viral. So much so that Peyush, Aman, and Anupam had reached out to him.
Gursaurabh Singh did not expect such a response, he got a lot of offers and inquiries. People were even asking for 1 crore units, there were 900 WhatsApp messages, etc. He got overwhelmed, and he did not want to be distracted, so he just turned a blind eye to it and focused all his attention and energy on developing his prototype into a sustainable model.
The features:
- It can be Bolted onto a regular cycle. No welding, cutting, or modifications are needed.
- The outer material used is Aircraft Aluminium, which keeps the cycle and the rider safe in case any malfunction happens internally. Water, dust, and fire do not interfere with their capacity.
- It is lightweight.
- It can fit into a normal cycle in 20 mins.
- It also comes with an Indicator, Throttle, and Ignition switch.
- It also has an app, which helps to trace the cycle.
- The most phenomenal feature is its pedal charging capability, with just 20 mins of paddling charge 50% of the battery.
*The founder also claims that it has 45% more efficient motors, than all the E.V. cycles currently in the market, including Bosch.
However, one drawback is that it makes a loud sound while riding and it does not ride as smoothly as the other branded E.V. cycles.
He understands the pain points of his customers and has tried his best to make this kit as cheap as possible. The manufacturing cost is ₹9K.
The intention of the founder is to make an impact first and that is why he is not focusing on selling only the kit (Which could make him lots of profits).
What clearly stands out in this pitch is the immense focus and commitment of the founder toward his project. He used up all his savings and took a loan, his parents and sister also supported him financially, during his R&D phase. He has spent ₹68 lakhs on it.
Dhruv Vidyut Shark Tank India
Although the founder’s determination towards developing his product is commendable, twice when Anupam wanted to ask him something, he would not give him a chance to speak. Which did not go down well with sharks.
Anupam wanted to know, why did he not come up with a valuation for his company. Gursaurabh Singh replied that right now his business is at a nascent stage, to which Anupam did not agree.
When Gursaurabh Singh explained that currently, his model can run up to 18,000 Kilometers and he wants it to run up to 40,000 Kilometers and is working on it for 8 to 9 months.
Peyush pointed out that, when his 1st prototype video went viral, he could have taken up the opportunities that were knocking on his door. He could have easily got money and built a team and his desire to make an impact would be fast-tracked. Gursaurabh Singh accepted that he made a mistake by running away from it.
The founder had asked for 100 hours of time for 0.5% of equity.
Vineeta and Namita backed out because they were not willing to commit 100 hours to him.
Anupam wanted to be a part of the deal, for the impact, it would make on the life of rural people. He gave the conditional offer that if Gursaurabh Singh can raise ₹1 crore, he was willing to commit 100 hours of his time for 0.5% equity.
Peyush and Aman gave the offer that Gursaurabh Singh has to shift to Gurgaon, where Peyush has built a factory. Over there he will get the space for his further research and that will be rent-free. They both will also have discussions and guide Gursaurabh Singh on a regular basis. However, their condition was when his model would be market-ready, Peyush and Aman would be the first ones to invest.
Gursaurabh accepted all the deals and this is how the strangest deal in Shark Tank India was finalized.
Dhruv Vidyut Cycles Founder
Gursaurabh Singh the founder of Dhruv Vidyut electric conversion kit used to work in the manufacturing industry. He is an expert in mold and dye making. He has 16 years of experience in this.
He is not an Engineer, but this is his passion and he started with motorcycle and trading parts.
Where Can You Find Them
Instagram | Facebook | Twitter
Concluding Remarks
Although Gursaurabh Singh might not score high in business acumen, he might lack a few skills. He, however, does possess some amazing qualities that are essential in an entrepreneur in order to be successful.
We all can learn from his commitment and focus towards developing a product that will bring about a massive impact on the lives of rural people.
He is a perfectionist and wants to give his best to his customers. He knows that rural people won’t have access to the servicing of his electric conversion kit. So he is spending a lot of time on research and development to give them a perfect product.
He has no education in engineering, but his strong passion has led him to build this distinctive product.
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