WEBDESK: Dawood Ahmed, founder and CEO of Elixes Bikes, and Abdul Wahab, founder and COO of Elixes Bikes, EV Bikes company appeared on the fifth episode of Shark Tank and demanded Rs20 million in exchange for 15 per cent equity.
Elixes Bikes pitch Sahrk Tank
Dawood Ahmed, the CEO of Elixes Bikes, who holds 70% of the shares, began his pitch by sharing how he initially started electric cycles for his convenience, eventually leading to receiving orders from friends and family. Abdul Wahab, the COO of Elixes Bikes and a 30% shareholder, joined the business. His family had been in the motorcycle spare parts business for 35 years and they decided to shift from traditional cycles to EV bikes.
They highlighted major challenges faced by the big players already in the EV bike market were related to range, charging capacity, speed, and loading capacity.
They explained their EV bikes offer a range of over 200 km on a single charge, a charging time of 4 hours, a load-bearing capacity of 250 kg, and a top speed of 80 km/h.
He requested Rs. 20 million from the Sharks on the panel including Rabeel Warriach, Aleena Nadeem, Faisal Aftab, Junaid Iqbal, and Romanna Dada.
Aleena Nadeem expressed that, for her, there is a significant mismatch between the price point and the target audience, which is the middle to lower class. She said that the market research is not correct, a point on which Romanna Dada also agreed.
“You have less capital and more hard work, so you should focus on picks and shovels,” said Junaid Iqbal as he opted out.
The sharks rejected the pitch presented by Dawood Ahmed and Abdul Wahab.
Elixes Bikes Pitch Overview on Shark Tank
- Pitchers: Dawood Ahmed and Abdul Wahab.
- Ask: Rs20 million for 15 per cent equity.
- Business: EV Bikes
- Result: The pitch was rejected by the Sharks, primarily due to the not good market research.
Social media reaction Shark Tank Episode 5
Under the Elixes Bikes pitch uploaded by Green TV Entertainment, viewers expressed that they missed Usman Bashir, who appeared in previous episodes of Shark Tank. Bashir was the shark who struck the historic Rs1.5 billion deal, making an unprecedented investment offer to Saraaf, a leading commodity and mineral sourcing company.
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