| Brand | Gear Head Motors Electric Bicycles and Tricycles |
| Company Name | Gear Head Motors |
| Founders | V Sai Meher Krishna, Gunda Nikhil |
| Original Ask | Rs. 75 lakh rupees for 2% equity at a valuation of Rs. 37.5 crores. |
| Deal | Rs. 1 crore for 6.67% equity at the valuation of Rs. 15 crores. |
About the Product
Gear Head Motors is a brand that manufactures budget-friendly electric bicycles and tricycles. The electric bicycles have a range of up to 60 kilometres on a single charge, making them suitable for short-distance riding.
The many bicycle models include model L, model I, model F, and model E, with costs ranging from 24,000 to 38,000.
The longevity and sturdiness of Gear Head Motor electric cycles are one of its defining features. Due to the durability of the carbon steel frame, these bicycles are excellent for usage in a variety of environments.
The bicycles are also equipped with a variety of features that make them simple to use and maintain, including an LED display that displays vital information such as battery life, speed, and distance travelled.
These bicycles include a removable battery encased in aluminium to keep them cool. Depending on the size of the battery, its charging period is two to three hours. Additionally, they also customize the battery compartment.
One can book the Electric bicycle from their website.
Gear Head Motors Electric Vehicle
Founders & their story
V Sai Meher Krishna
Gunda Nikhil
When electric bikes entered the market for the first time at a higher price, they planned to manufacture low-cost electric automobiles. So, they developed the Omni Nano and then transformed it into an electric car. However, because of the large investment required and the limited amount of money available, they decided to manufacture electric bicycles instead.
They began by making bicycles, but after a disabled customer approached them, they expanded their business to include the production of tricycles as well.
Nikhil has a 60% equity share of the business, whereas Krishna has a 40% equity share.
About the company:
Gear Head Motors was founded in 2020. It is a Hyderabad-based manufacturer of affordable electric bicycles and tricycles. The brand works to bridge the gap between the global supply of electric vehicles and the needs of Indian customers.
The company’s products are manufactured from high-quality materials and are meant to be simple to use and maintain, making them a popular option for anyone seeking an eco-friendly and convenient method of transportation.
The government has already purchased 1,500 electric tricycles from the firm.
Their aim is to transform the mode of transportation in India & lessen the current problems in India, such as pollution and traffic control, and improve health prospects.
Amount Raised:
Rs. 3 crores at a valuation of Rs. 15.60 crores.
Revenue:
In FY 21- 22, their sales were approximately Rs. 3 crores, and Rs. 1.5 crores sales in FY 22-23, year to date. This year’s projected sales are Rs. 20 crores.
Last month’s sales were Rs. 50 lacs. Last month’s profit was ₹8 lacs, and in the current month, the projected profit is ₹9 lacs.
Founder’s Ask
Rs. 75 lakh rupees for 2% equity at a valuation of Rs. 37.5 crores.
They later revised it to Rs. 1 crore for 3% equity of the merged entity at a valuation of Rs. 33.33 crores.
Offers:
Peyush and Aman gave a conditional offer of Rs. 1 crore for 7.5% equity at the valuation of ₹13.33 crores.
Conditions: Same valuation as the previous investor and both companies to be merged.
Founder’s Counter Offer
Rs. 1 crore for 6.67% equity at the valuation of Rs. 15 crores.
Final Deal
The final deal was closed with Aman and Piyush at Rs. 1 crore for 6.67% equity at the valuation of Rs. 15 crores.
