Otua – Electric Auto VehicleAsk was Rs 100 lakhs for 1% equity with Rs 10000 lakhs valuation. Deal was offered by Ashneer at 1% equity for Rs 1 lakhs which makes valuation Rs 100 lakhs. This company / startup pitched in Shark Tank India Season 1 Episode 18.
Otua is a technology-backed auto manufacturing company that aims to make people’s lives better. Their focus is on last-mile logistics, and they have developed a special electric three-wheeler with anti-tilt technology that is set to revolutionize the industry. The vehicle has a range of 165 kilometers and a carrying capacity of 1 ton, which is double the market average. Drivers can earn up to 70% more income with this vehicle, and it offers consistent performance on all road conditions, thanks to its specially designed ergonomics and anti-tilt technology.
The unique aspect of Otua’s vehicle is its modular setting, which allows it to be used for various purposes such as logistics, passenger transport, and food trucks. It is a versatile vehicle that adapts to the changing needs of businesses. Otua is seeking funding of ₹10 crore in exchange for equity, and they have already invested ₹70 lakh in the company. They have also secured a new deal with an incubator that plans to invest ₹30 crore in the company, with the initial investment being used for the first 100 vehicles.
During the pitch, the Sharks were impressed with the uniqueness of Otua’s electric vehicle and its potential in the Indian market. However, they raised concerns about the equity structure and the involvement of multiple decision-makers in the company. Despite showing interest, the Sharks ultimately decided not to invest due to these concerns.
Frequently Asked Questions(FAQ)
Did Otua got Deal on Shark Tank India?
Yes,Otua got deal from Ashneer with 1% equity for Rs1 lakhs
|Rs 1 lakhs for 1% equity
|₹1 lakh 1% equity and ₹99 lakhs at 12% Interest