India’s most affordable electric car appears on Shark Tank: did it raise funding?

PMV Electric claims to have bagged 7,300 orders from India and offshores for its PMV Eas-E electric car.

  • PMV Eas-E, India’s cheapest electric car, appears on Shark Tank India Season 2
  • PMV Electric’s founder approached ‘Sharks’ for an investment worth Rs 1 crore for 1 percent equity in the company 
  • The PMV Eas-E electric car starts at Rs 4.9 lakh and delivers a range of 120km on a single charge

PMV Electric, the makers of what is touted to be India’s most affordable electric car, has made its way to the Shark Tank India. Kalpit Patel, founder and CEO, PMV Electric, showcased the PMV Eas-E microcar that can seat two people and can drive on electric power. The EV has a claimed range of up to 200km and comes with modern features such as a digital instrument panel and touchscreen infotainment. The founder had approached investors in Shark Tank to ask for Rs 1 crore in investment for a 1 percent equity in the company. 

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PMV Eas-E electric car on Shark Tank Season 2

In a recent episode of Shark Tank India Season 2, CEO Kalpit Patel introduced his company’s electric quadricycle called the PMV Eas-E to the investors on the platform with an appeal for an investment worth Rs 1 crore for 1 percent equity in his company. The offer values the company at Rs 100 crore. Although the Sharks seemed to be impressed by Kalpit’s drive for the product, they held off from investing in the company and were sceptical about the company’s success. 

Anupam Mittal, the founder of, who happens to be a ‘Shark’, had expressed his interest to acquire a 4 percent stake in the company for Rs 60 lakh and Rs 40 lakh in debt. Anupam’s offer puts PMV at a valuation of Rs 15 crore. This offer was countered by PMV founder Kalpit who appealed for Rs 1 crore for 2 percent equity putting PMV’s valuation at Rs 50 crore. However, this offer was rejected by Anupam. The founder proposed a final offer of Rs 1 crore for 6.67 percent equity in the company putting the PMV’s final valuation back to about Rs 15 crore. This offer was at the end rejected by PMV CEO Kalpit Patel. 

However, all Sharks were impressed by the company’s vision to create an affordable compact EV that was equipped with the latest technologies. 

PMV Eas-E electric car price, specifications 

The PMV Eas-E is the cheapest electric car in India and has officially been classified as a quadricycle with seating for two. It is available in three variants which have been priced at Rs 4.79 lakh, Rs 6.79 lakh and Rs 7.79 lakh (ex-showroom). Prices are dictated by the range and feature that the vehicle comes in. These prices undercut the Tata Tiago EV which is the cheapest mainstream electric car on sale in India today. 

The PMV Eas-E electric car gets an electric motor that generates 13bhp of peak power and 50Nm of peak torque. The battery pack sizes vary depending on the variant. The driving range for the base trim is said to be 120km while the higher two variants get 160km and 200km respectively. The vehicle is also equipped with features like LED lighting, AC, digital instrument cluster, touchscreen infotainment system, regenerative braking, cruise control, etc.