Otua bagged a Deal of 1 cr at SharkTank India !?

Kanav Manchanda and Kshitij Bajaj are the founders of the startup “Dandera Technologies Private Limite”. Their startup is a technology-backed auto-manufacturing company. Otua – Electric Auto Vehicle, is their first prototype three-wheeler made especially for drive trains with their anti-tilt technology. This is going to change the three-wheeler industry forever. Founders have had the automobiles hobby since childhood. They used to pull things apart from their toys and then put them back together, this interest had made them to identify the problem and make a solution to that. The main aim of this startup is to “Reinventing Mobility with sustainable cutting-edge technology“

The team has paid special attention to the ergonomics of this vehicle. Even its road visibility and road direction are best. It is powered with a range of 165Kms and a 1-ton carrying capacity which is double the market standards. The battery is based on Dantech due to which this vehicle can deliver uniform performance on every road condition across the Indian Roads. The main vision of the founders to stay stable in the market is Continuous innovation and Keep moving ahead.

They have invested 70 Lakhs so far in their company and 10 days before coming to the shark tank, they have split 49% with another company present in Gurgaon and thus, they are now owning 49% of their own company while the rest 2% is with the incubator who helped them to merge. The new company has to make an infusion of Rs 30 Crores and their initial logistics investment for the first 100 units will be from those 30 crores respectively.

The Pitchers demanded Rs 1 Crore in exchange for 1% Equity. Their company’s valuation is 100 Crores. Namita Thapar, Aman Gupta, Peyush Bansal and Anupam Mittal have had their reasons to backstep the offer while our very own Shark Ashneer had offered Rs 1 Crore in exchange for 5% Equity and within three months he would give Rs 30 Crores if Dandera Technologies removes the exponents. However Dandera Technologies have countered the offer and asked him for some debt Thus, Ashneer Closed the deal at his own offer by rupees 1Lakh as Funding for 1 % equity and 99 Lakhs as Debt at a 12% interest rate for 5 years. Let’s wish the team Outa the best of luck for their innovations!

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