Hornback is an Indian startup that designed the world's first full-size diamond frame folding bicycle and has patented its mechanism

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The bike features a 250W battery, providing a 45-kilometer range with a charging time of just 4 hours, priced at ₹44,999

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Hornback aimed to raise ₹50 lakhs for 1% equity, valuing the company at ₹50 crores, and has received orders for 80 bikes before launch

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The founders, Rajkumar Kewat and Nishith Parikh, are IIT Bombay graduates from Hyderabad and aspire to expand their business internationally

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The company has already raised ₹3.33 crores at a ₹15.33 crore valuation, with their latest funding round closing just three months ago

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During their "Shark Tank" pitch, all sharks except Amit Jain declined to invest, citing concerns about business strategy and marketing capabilities

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Amit Jain offered ₹50 lakhs for 2.5% equity after several rounds of negotiation, which the Hornback founders accepted

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As of January 2024, Hornback is still in business with three bike variants available, and influential tycoon Anand Mahindra promotes their product

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