Revamp Moto

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Revamp Moto
Company typePrivate
IndustryElectric vehicle manufacturing
FoundedSeptember 2020; 4 years ago (2020-09)
FounderJayesh Tope, Pritesh Mahajan, Pushkaraj Salunke
HeadquartersNashik, Maharashtra, India,
India
Area served
India
Key people
Pritesh Mahajan (CEO), Jayesh Tope (COO), Pushkaraj Salunke (CTO)
ProductsRM Buddie 25, RM Mitra
Revenue₹ 5.27 lakh (2023)
Number of employees
26 (January 2025)
Websitewww.revampmoto.in

Revamp Moto is an Indian electric vehicle manufacturing company based in Nashik, Maharashtra. Founded in 2020, the company focuses on designing modular electric two-wheelers tailored for micro-entrepreneurs, delivery personnel, and urban commuters. Its flagship products, the RM Buddie 25 and RM Mitra, feature swappable attachments for diverse use cases, such as delivery and vending. Revamp Moto gained prominence after securing a ₹1 crore investment on Shark Tank India Season 1 in 2021. The company aims to empower India's micro-entrepreneurial community while promoting sustainable mobility through its innovative modular utility platforms. As of 2025, Revamp Moto has raised over $2.31 million in funding and is expanding its manufacturing and dealership network across India.[1]

Founders & Leadership

  • Pritesh Mahajan (CEO): An alumnus of IIM Sambalpur, Mahajan has experience as a project manager at State Bank of India. He leads Revamp Moto’s strategic vision and brand development, focusing on sustainable mobility solutions.[2]
  • Jayesh Tope (COO): A mechanical engineering graduate, Tope previously worked on the Mahindra Thar project. He oversees financial and human capital management, ensuring operational efficiency and market expansion.[3]
  • Pushkaraj Salunke (CTO): A robotics and IoT expert, Salunke has worked with companies like Team Toraccle Racing and IndiaFIRST Robotics. He drives the company’s technological innovation, including modular platforms and IoT integration.[4]

Origin & Founding Story

Jayesh Tope, Pritesh Mahajan, and Pushkaraj Salunke, the founders of Revamp Moto

Revamp Moto was founded in September 2020 by Jayesh Tope, Pritesh Mahajan, and Pushkaraj Salunke in Nashik, Maharashtra. The trio identified a gap in the Indian electric vehicle market for affordable, modular two-wheelers catering to micro-entrepreneurs, such as street vendors and delivery workers. Inspired by India’s “jugaad” culture, they developed electric scooters with swappable attachments to address diverse use cases while promoting eco-friendly mobility. Their appearance on Shark Tank India in December 2021 brought national attention, securing investment and partnerships. The company’s mission is to impact one million lives by 2028 through sustainable and adaptive transportation solutions.[5]

Timeline

Year Milestone
2020 Revamp Moto founded by Jayesh Tope, Pritesh Mahajan, and Pushkaraj Salunke in Nashik.[6]
2021 Developed prototype for RM Mitra; appeared on Shark Tank India Season 1, securing ₹1 crore for 1.5% equity.[7]
2022 Launched RM Buddie 25, India’s first transformable EV, priced at ₹66,999.[8]
2023 Raised $1 million in pre-seed funding; began nationwide deliveries of RM Buddie 25.[9]
2024 Partnered with Redrob for Green India CodeFest 2024; expanded dealership network.[10]
2024 Raised ₹3.32 crore in seed funding round.[11]

Funding

Date Round Amount Investors
5 January 2022 Seed $1.15 million Aman Gupta, Anupam Mittal, Veda VC, Venture Catalysts, others[12]
7 May 2023 Seed $673,000 Z Nation Lab, BizdateUp, others[13]
11 December 2024 Seed ₹3.32 crore LetsVenture, Z Nation Lab, Peaceful Progress[14]

Business Model

Revamp Moto operates a dual business model targeting both business-to-consumer (B2C) and business-to-business (B2B) markets. In the B2C segment, it sells electric two-wheelers like the RM Buddie 25 directly to individual customers, such as urban commuters and micro-entrepreneurs, through its website and dealerships. The B2B segment focuses on partnerships with e-commerce and delivery platforms like Swiggy, Zomato, and Flipkart, providing customized electric scooters for logistics and vending. Revenue is generated through vehicle sales, accessory sales, and financing options, including no-cost EMIs and instant loans. The company also offers roadside assistance and leverages FAME subsidies to reduce costs for customers.[15]

Products / Services

  • RM Buddie 25: A low-speed electric scooter with a top speed of 25 km/h and a range of 70 km. It has a payload capacity of 120 kg and does not require registration or a license. Priced at ₹66,999, it features swappable attachments like child seats, insulated boxes, and saddle bags.[16]
  • RM Mitra: A high-speed electric scooter with a range of 130–140 km, a top speed of 65 km/h, and a payload capacity of 200 kg. It includes IoT connectivity and modular attachments like delivery baskets and folding tables, designed for commercial use.[17]
  • Accessories and Services: Modular attachments (e.g., panniers, delivery cages, fridges), roadside assistance, and financing options.[18]

Growth & Metrics

As of January 2025, Revamp Moto employs 26 people, a 44.7% decrease from the previous year.[19] The company reported revenue of ₹5.27 lakh in 2023.[20] It serves over 19,000 pincodes across India and has started nationwide deliveries of the RM Buddie 25.[21] Revamp Moto has secured pilot partnerships with major platforms like Amazon and Jubilant FoodWorks. The company aims to deploy 250,000 vehicles by 2025 and impact one million lives by 2028.[22]

Legal Entity Information

Field Details
Legal Name Revamp Moto Private Limited
Foundation Date January 2021
Registrar of Companies (ROC) ROC Mumbai
Corporate Identification Number (CIN) U35923MH2021PTC354010
Registered Address PLOT NO. D/49 MIDC, SATPUR , NASHIK, Maharashtra, India - 422007
Email ID jayeshtope@gmail.com
Company Status Active
Directors Pritesh Mahajan, Jayesh Tope, Pushkaraj Salunke
Authorized Share Capital ₹1,500,000.00
Paid-up Capital ₹245,300.00

Media & Public Recognition

Revamp Moto gained significant attention after appearing on Shark Tank India Season 1, where it secured ₹1 crore for 1.5% equity from investors Aman Gupta and Anupam Mittal.[23] The company was awarded the National Startup Award and was a finalist in the CleanTech Open and Altair Startup India Challenge.[24] It was featured in media outlets like The Economic Times, Business Insider India, and The Better India for its innovative approach to electric mobility.[25] Revamp Moto also represented India at the Bangladesh Startup Summit 2023.[26]

FAQs

What is Revamp Moto’s primary product?
Revamp Moto’s primary products are the RM Buddie 25 and RM Mitra, electric scooters with modular attachments for micro-entrepreneurs and urban commuters.[27]
Who founded Revamp Moto?
Revamp Moto was founded by Pritesh Mahajan, Jayesh Tope, and Pushkaraj Salunke in 2020.[28]
What was Revamp Moto’s Shark Tank India deal?
The company secured ₹1 crore for 1.5% equity from Aman Gupta and Anupam Mittal in Season 1.[29]
What is the company’s mission?
Revamp Moto aims to impact one million lives by 2028 through sustainable and adaptive mobility solutions.[30]

External Links

Related Startups

References

  1. ↑ "Revamp Moto - Developer of electric-two-wheelers". Tracxn. Retrieved 31 May 2025.
  2. ↑ "Revamp Moto's Electric Scooters Revolutionize Commuting On Shark Tank India". Startup Article. 23 May 2024. Retrieved 31 May 2025.
  3. ↑ "Revamp Moto Net Worth, Revenue & Shark Tank Success". Focus Startup. 23 January 2025. Retrieved 31 May 2025.
  4. ↑ "Revamp Moto". LinkedIn. Retrieved 31 May 2025.
  5. ↑ "After Raising Rs 1 Crore on Shark Tank, Startup Launches India's 1st 'Transformable EV'". The Better India. 25 December 2022. Retrieved 31 May 2025.
  6. ↑ "Revamp Moto Mitra Shark Tank India Update". Shark Tank Talks. 21 September 2024. Retrieved 31 May 2025.
  7. ↑ "Shark Tank India Season 1 Company Revamp Moto Raised Investment". Shark Tank Season. Retrieved 31 May 2025.
  8. ↑ "Shark Tank S1 winner Revamp Moto launches an EV". Business Insider India. 6 January 2023. Retrieved 31 May 2025.
  9. ↑ "Revamp Moto". LinkedIn. Retrieved 31 May 2025.
  10. ↑ "Redrob partners with Shark Tank India-featured Revamp Moto". Indian Startup News. 16 January 2024. Retrieved 31 May 2025.
  11. ↑ "Revamp Moto - Developer of electric-two-wheelers". Tracxn. Retrieved 31 May 2025.
  12. ↑ "Revamp Moto raises INR 1 Cr at Shark Tank India". EV Reporter. 5 January 2022. Retrieved 31 May 2025.
  13. ↑ "Revamp Moto's Electric Scooters Revolutionize Commuting". Startup Article. 23 May 2024. Retrieved 31 May 2025.
  14. ↑ "Revamp Moto - Developer of electric-two-wheelers". Tracxn. Retrieved 31 May 2025.
  15. ↑ "Electric vehicle: EV maker Revamp Moto in talks to raise $3.5 million". The Economic Times. 24 October 2022. Retrieved 31 May 2025.
  16. ↑ "Shark Tank India fame startup Revamp Moto launches its first e-scooter". Free Press Journal. 17 December 2022. Retrieved 31 May 2025.
  17. ↑ "This E-Scooter Sparked The Interest Of The Sharks On Shark Tank India". BikeDekho. 11 March 2022. Retrieved 31 May 2025.
  18. ↑ "Home - Revamp Moto". Revamp Moto. 15 March 2024. Retrieved 31 May 2025.
  19. ↑ "Revamp Moto - Developer of electric-two-wheelers". Tracxn. Retrieved 31 May 2025.
  20. ↑ "Revamp Moto Net Worth, Revenue & Shark Tank Success". Focus Startup. 23 January 2025. Retrieved 31 May 2025.
  21. ↑ "Revamp Moto". LinkedIn. Retrieved 31 May 2025.
  22. ↑ "After Raising Rs 1 Crore on Shark Tank". The Better India. 25 December 2022. Retrieved 31 May 2025.
  23. ↑ "Revamp Moto has raised INR 1 Crore from Shark Tank India". WEXT India Ventures. 3 March 2022. Retrieved 31 May 2025.
  24. ↑ "Home - Revamp Moto". Revamp Moto. 15 March 2024. Retrieved 31 May 2025.
  25. ↑ "Shark Tank winner Revamp Moto wants to change how goods are carried on bikes". YourStory. 26 February 2023. Retrieved 31 May 2025.
  26. ↑ "Home - Revamp Moto". Revamp Moto. 15 March 2024. Retrieved 31 May 2025.
  27. ↑ "Shark Tank India fame startup Revamp Moto launches its first e-scooter". Free Press Journal. 17 December 2022. Retrieved 31 May 2025.
  28. ↑ "Revamp Moto Mitra Shark Tank India Update". Shark Tank Talks. 21 September 2024. Retrieved 31 May 2025.
  29. ↑ "Shark Tank India Season 1 Company Revamp Moto Raised Investment". Shark Tank Season. Retrieved 31 May 2025.
  30. ↑ "After Raising Rs 1 Crore on Shark Tank". The Better India. 25 December 2022. Retrieved 31 May 2025.
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