Electric Automobiles Startup Hornback’s Electric Bikes Offer 45 km Range for ₹44,999 at Shark Tank

Hornback, Electric bicycles are becoming more popular, especially for use in local communities and urban environments. However, one downside is that you typically cannot take your bike on public transportation like the metro, bus, or train. This is where Hornback comes in. Hornback is an innovative car startup that has designed the first full-sized, diamond-frame electric folding bicycle.

Click here to visit their official website: Hornback

This unique bicycle folds up easily and doesn’t require any complicated mechanisms, making it compact enough to fit in the metro, your office, or even the trunk of a car. It’s built to be strong while providing a comfortable riding experience every time.

Folding and securing the bike is simple: First, lock the steering limiter. Next, adjust the left side panel to its highest position. Use your index finger to push the fail-safe lever and your thumb to unclamp the latch on the bottom tube. While holding the left brake, bring the front section closer to your seat, and then lift the tube upward. Finally, engage the male-female lock, and you’ll hear a click, indicating that the bike is now securely locked.

Related: Electric Bicycles Conversion Kit Dhruv Vidyut Captured Investor Attention on Shark Tank India

Rajkumar Kewat and Nishit Parikh are the co-founders of Hornback and hail from Hyderabad. The two entrepreneurs were classmates at IIT Bombay, where they both earned a master’s degree in Design and Industrial Engineering.

Hornback was founded in 2022 and has already received 80 pre-orders for its products. The company features a 250W battery that offers a range of up to 45 kilometers and can be fully charged in about 4 hours. With its electric capabilities and foldable design, the bike is priced at $44,999. Hornback successfully raised 3.33 billion rupees, achieving a valuation of 15.33 billion rupees. The company plans to export 80% of its products and is currently in the prototyping phase. At this time, they are not making any sales or generating any revenue.

In the business pitch, Namita, one of the investors, decided not to invest because she didn’t think the foldable bike the entrepreneurs were promoting was as impressive as they claimed. Peyush also chose to back out but suggested that the entrepreneurs find a strategic investor who could help them with licensing their technology. Anupam felt the entrepreneurs lacked strong marketing skills and exited the deal, a view shared by Aman, who followed him out. Amit, however, was interested in the business and offered constructive criticism, saying the founders needed to improve their business sense and suggested they bring on a co-founder focused on marketing. He initially offered ₹30 Lakhs for 2% of the company, with the rest as a loan at 12% interest, but the entrepreneurs countered with a request for ₹50 Lakhs for 1.5%. Amit then offered ₹50 Lakhs for 3%, but that was declined. Finally, Amit offered ₹50 Lakhs for 2.5%, which the entrepreneurs accepted, and they finalized the deal with a handshake.

Company had a deal with Amit Jain, one of the investors, but the deal didn’t go through after the show ended. Despite not getting the investment, the company is still operating and selling its products as of January 2024. They have three different types of bikes available for customers on their website and on online shopping platforms. Additionally, the text mentions a well-known Indian businessman, Anand Mahindra, who is famous for his work in the automotive industry. He has noticed this company’s bikes, and he likes them so much that he uses them and promotes them to others. This shows that even without a deal from the investors on the show, the company is doing well and has gotten attention from influential people.