Otua is a commercial logistic electrical vehicle manufactured by Dendera Technologies PVT LTD. This shark tank India startup has raised INR 1 lakh for the equity of 1% and 99 lakhs rupees as debt at 12% interest for five years. Shark Ashneer Grover invested in it.
The original ask by the pitchers was INR 1 crore or the equity of 1%. Because of the competitive market and equity share difficulties, Namita, Anupam, and Peyush decided to back off. Shark Ashneer counter-offered a one crore rupee for a 5% stake in the company and requested that the exponents be removed. Pitchers counter offer Rs.0 in exchange for 1% equity since they requested that the investment be made in debt at 6%. Ashneer offered a 1 lakh rupee offer for 1% equity and 99 lakh rupees in debt at 12% interest. Finally, the deal was done at INR 1 lakh for the equity of 1% and 99 lakhs rupees as debt at 12% interest for five years.
About Otua (Dendera Technologies PVT LTD)
The owners of this startup are Kanav Manchanda and Khitij Bajaj. It is a technology battery manufacturing firm dedicated to altering people’s lifestyles. In the sphere of logistics, their most recent innovation is OTUA. The three-wheeler has anti-tilt technology and is powered by electricity. They’ve improved fuel economy and a wider field of view from the driver’s seat. OTUA has a range of 165 kilometres and a tonne carrying capacity. Because of the battery they employed, OTUA can maintain consistent performance in Kanyakumari or Kashmir. The company’s valuation is Rs.100 crores.
Problems Solved By Otua
The vehicle is modularly designed and can be used as a logistics vehicle, a passenger vehicle, or a food truck. They use cutting-edge technologies to achieve the most significant results in automobiles. The difference between them and their competitors is that many do not have sufficient infrastructure development. Still, they maintain them up to date with the latest technology and attempt to develop their products in every way possible.