In an unusual turn of events that took place on Shark Tank India season 2, the judges got to hear an unusual pitch from the founder of ‘Dhruv Vidyut’ who sought no money, and instead asked for 100 hours from the shark. Gursaurabh Singh, the founder of Dhruv Vidyut, an electric bicycle conversion kit, was so motivated and impressive in his pitch, that Namita Thapar went on to call him a marketing guru. Eventually, Singh received the 100 hours commitment he needed, but on a few conditions.
On the most recent episode of Shark Tank India season 2, Singh set the stage on fire with his impressive pitch. He first gave a few data points about the importance of cycles in India and introduced his invention Dhruv Vidyut Electric Conversion Kit (DVECK), a kit that can convert a simple bicycle into an electricity powered one, increasing its speed and ease of driving.
Singh baffled the judges when he made his ask – “100 hours for 0.5% equity”. Already impressed Peyush Bansal and Aman Gupta also told Gursaurabh Singh that they had reached out to him on LinkedIn for further talks about the project.
Anupam asked the pitcher what he needed the 100 hours of the opportunity cost for, and Singh said that it is the distribution part that he needs mentorship on.
The Facts of the Matter
Shark Tank India judges often interact with whimsical and unusual pitcher that ask for a whopping sum of investment for peanuts worth of equity. However, in the most recent episode of the show, the sharks were left surprised when a pitcher asked them for 100 hours instead of money, for 0.5% of equity.
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Cycle Conversion Kit Impresses Sharks
The pitcher in question is Gursaurabh Singh, the founder of Dhruv Vidyut, a brand that offers an electronic conversion kit (DVECK), that can turn any simple bicycle into an electricity powered vehicle. Giving a small demonstration of his invention, Singh said that the conversion kit can be connected to a phone through an application.
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What is DVECK by Gursaurabh Singh?
Singh also highlighted the fact that the kit can be retro fitted to the bicycle in merely 20 minutes. As the kid is connected through an application, the app can give useful information like GPS location and so on. The USP of the kit is that the battery of the kit can be charged by pedaling, meaning that as long as the cycle keeps on pedaling, its battery will go on and on.
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Further, Singh also highlighted the fact that the kit is water, electricity, dust and mud proof.
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Pitcher Under Heat Over Shark’s Questions
After being thoroughly impressed with the pitch, Anupam Mittal asked Singh as to what he means to achieve in the 100 hours he is seeking. To this, Singh mentions that he his expertise is in research & design, and he has decreased the product’s cost to a minimum. It is the distribution part that he needs the assistance of the sharks.
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Vineeta Singh was the first one to opt out of the deal, owing to the nascent stage of the product. Namita Thapar meanwhile called Singh a ‘marketing guru’, but added that committing 100 hours to him is not something she would be able to do, and opting out.
Deal Struck at 100 Hours for 0.5% Equity
Eventually, it was Anupam Mittal, Peyush Bansal, and Aman Gupta who asked a flurry of questions to Singh. Some questions were about why the product was still unlaunched, while other questions were about the cycle’s range.
In the end, Anupam Mittal, Peyush Bansal, and Aman Gupta all joined forces, and promised Singh 100 hours for 0.5% equity. However, the deal was stuck on the condition that Singh would be able to raise Rs 1.5 crores. Another condition on which the deal was made was Aman and Peyush being the first investors of the company.
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