Srinagar: After FastBeetle and Tramboo Sports, Kashmir's Curve Electric made it to Shark Tank India, a major business reality TV series. While FastBeetle secured Rs 90 lakh during Season 2, aired in January 2023, and Tramboo Sports sealed a deal for Rs 30 lakh during Season 3, aired in January 2024, Curve Electric couldn't secure a deal but walked away with loads of positive wishes. Shark Tank India is a franchise of the famous American show Shark Tank.
Speaking on the development, one of the co-founders and CEO of the company, Sheikh Yameen, told ETV Bharat that they received a positive response from all the Sharks (panelists) during their pitch on the program.
"Curve Electric was founded in 2022, and in these two years, we have facilitated more than 55,000 rides. Our e-bikes have covered a distance of over 7.20 lakh kilometers. Besides this, we have been successful in preventing 145 metric tonnes of carbon emissions. Our pitch was featured recently (January 8) on Shark Tank India Season 4. It was a proud moment for us," Yameen said.
Sharing his experience on the show, he said, "We received a lot of positive feedback from the Sharks. Their suggestions are very valuable to us as they are veterans in the field. Their remarks are priceless. We will work on the changes/improvements they have advised us, and we will grow as a better company in the near future."
Speaking about the company's vision, the young entrepreneur said, "We want to expand our venture to other Himalayan cities and educational institutions. We also want to raise awareness about climate change and how we are polluting our environment due to our daily activities."
He further said, "The startup ecosystem in Kashmir is also gradually blooming. Two companies from Kashmir have been featured on Shark Tank India before us. The Sharks also highlighted this, and we too believe that a wave of entrepreneurship will emerge from Kashmir. Youth have started to set up ventures instead of running after government jobs, and I am sure you will see a lot of companies from Kashmir featuring on Shark Tank India."
The pitch made by young Kashmiri entrepreneurs Zubair Bhat and Sheikh Yameen for their sustainable e-bike service, Curve Electric, impressed the fourth season of Shark Tank India's panel (Sharks), which comprised Anupam Mittal, Vineeta Singh, Aman Gupta, Peyush Bansal, and Kunal Bahl. However, they couldn't see conclusive evidence of the idea's scalability.
Zubair and Yameen emphasized that they are presently operating only in Kashmir but hope to expand to several other Himalayan cities, including Shimla (Himachal Pradesh) and Mussoorie (Uttarakhand), in exchange for Rs 50 lakh for 5% ownership in their business. Additionally, they outlined ambitions to expand on college/university campuses nationwide, stating that they can target 1,400 of these campuses.
Aman wanted to know if customers had attempted to steal the bikes, even though the entrepreneurs impressed Peyush by saying they had designed their own bikes and didn't require app downloads or security deposits. Yameen claimed that, in the two years that they have been in business, there have been no bike thefts or damage. They rely solely on trust and have seen that most of their customers are honest. This information caught all the Sharks off guard. However, they agreed that the idea lacks scalability.
"This is a little complicated," Vineeta said. "Governments are heavily relied upon, and based on my observations of all the other businesses, dealing with local and governmental entities becomes crucial. Where you get local support will determine your expansion, not how ambitious you are." Having raised a round of financing and not experienced any losses yet, she pointed out, Yameen nodded in agreement and stated that their company is valued at Rs 8.5 crore.
The market is just too small for now, according to Aman, but Kunal noted that issues will only become worse as they spread to other areas. Peyush said goodbye to the young entrepreneurs on a good note, even though they all pulled out of the deal. "It's like looking in a mirror; you are me," Peyush remarked, addressing Yameen. "Everything I would have said ten years ago is being said by you. I haven't seen Shark Tank exhibit your meticulous, customer-focused dedication in four years." Ultimately, Zubair and Yameen left with many positives but no deal.
