Hornback, an intelligent mobility solutions company, has been in the news because it was recently featured on Shark Tank India season 2, know about its founder and deal
Like its initial season, Shark Tank India season 2 has remained popular on social media. The well-known reality program with a business theme, where business owners are required to pitch their innovative ideas, is recognized for enthralling viewers with its daring and unique ideas.
New business owners pitch their products or services on Shark Tank every week in an effort to grow their companies. Pitchers recently made an appearance on Shark Tank India season 2 to discuss their innovative idea of foldable cycles.
Hornback on Shark Tank India, episode, founder, deal, valuation, revenue, e-bicycle price, net worth in 2023
The company Hornback not only enthrall everyone but also grabbed the deal. Since then, the company has become the talk of the town, with many people trying to find out more about it. So, here’s what we know about it:
More about Hornback
| Hornback Shark Tank India Episode Number | Shark Tank India Season 2, Week 8 Episode 37 |
| Hornback Shark Tank India Episode Air Date | 21 February 2023 |
| Hornback Founder Name | Nishith Parikh and Rajkumar Kewat |
| Hornback Ask In Shark Tank India Episode | ₹50 lakh for 1% equity |
| Hornback Deal In Shark Tank India Episode | ₹50 lakh for 2.5% equity |
| Hornback Company Valuation | ₹20 crore |
| Hornback Investor Name | Amit jain |
| Hornback Official Website | Hornback Website |
Hornback is a consumer products company that specializes in providing intelligent mobility solutions. Founded by Nishith Parikh and Rajkumar Kewat, both alumni of IIT Bombay, the company has designed the world’s first diamond-framed folding electric bicycle, which has four patents.
It is one of the few companies in India to have in-house design, R&D, fabrication, and paint systems. The company is headquartered in Hyderabad and was founded in 2022.
In addition to the electric bicycle, Hornback has designed and developed various products in the past, including racing cars, kamikaze drones for the DRDO, home automation systems (patented), award-winning solar lamps, and more.
Currently, Hornback has two main products available for sale on their website, namely the Hornback X1 and the Hornback M1. The cost of a cycle is ₹44,999.
Its experience on Shark Tank India 2
In the second season of Shark Tank India, Hornback was featured as a business pitch. Shark Amit made the first offer of ₹30 lakh for 2% equity and ₹20 lakh debt at 12% interest, with a valuation of ₹15 crores.
The business pitcher countered with an offer of ₹50 lakh for 1.5% equity, and a valuation of ₹33.33 crore. Shark Amit then revised his offer to ₹50 lakh for 3% equity, with a valuation of ₹16.67 crores.
After further negotiation, Shark Amit made a final revised offer of ₹50 lakh for 2.5% equity, with a valuation of ₹20 crores. Ultimately, the business pitcher and Sharks agreed on a deal for ₹50 lakh for 2.5% equity.