Business Remedies | Rajshree Upadhyaya | By preparing the world’s first full-size foldable diamond-frame electric cycle, Hornback’s founders and IIT Bombay alumni Nishith Parikh and Rajkumar Kewat have established their identity. Hyderabad-based innovative startup Hornback, which emerged as a unique name in the second season of Shark Tank India, attracted both investors and viewers. Their flagship model, Hornback X1, was designed to address the challenges of urban commuting, offering a perfect blend of portability and performance. Hornback X1 comes with a 250W BLDC motor and a 36V, 7.65Ah lithium-ion battery, delivering a range of up to 45 km on pedal assist. Its unique folding mechanism allows it to be stored compactly, making it ideal for city dwellers with limited space.
The bike’s high-strength carbon steel frame ensures durability, and its design has been tested after being folded more than 15,000 times, equivalent to nearly 20 years of use. With a starting price of Rs. 44,999, the X1 quickly gained attention for its innovative approach to urban mobility.
Increased Credibility and Appeal
During its pitch on Shark Tank India, Hornback sought an investment of Rs. 50 lakh for 1% equity, valuing the company at Rs. 50 crore. The founders highlighted their early success, mentioning that even before the official launch, they had already received 80 bike orders. One of the sharks, Amit Jain, showed interest but also raised concerns about the founders’ business acumen. After discussions, an agreement was reached in which Amit invested Rs. 50 lakh for 2.5% equity in the company, providing Hornback with both capital and strategic guidance to scale its operations. The popularity of Shark Tank India brought the brand into the spotlight. Mahindra Group Chairman, Anand Mahindra, publicly endorsed the Hornback X1, sharing pictures of himself riding the bike and praising its design. This celebrity endorsement further enhanced the brand’s credibility and appeal.
Established as a Leader in the Electric Mobility Sector
Hornback’s journey of success is a testament to the power of innovation and strategic partnerships. By combining engineering excellence with a deep understanding of urban commuting needs, the company has positioned itself as a leader in the electric mobility sector. As cities struggle with traffic congestion and environmental concerns, solutions like Hornback’s foldable e-bike offer a practical and sustainable option for daily commuters.
Written and Edited By:
Rajshree Upadhyaya
