Electric mobility startup Ridev walked away with a big win on Shark Tank India, closing a deal that blended both equity and debt to fuel its next phase of growth.
Founded by Manish Kumar Jain and Siddharth Jain, Ridev is building a two-wheeler EV leasing ecosystem focused on India’s rapidly growing gig workforce.
Ridev’s pitch centred on a simple but pressing problem: gig workers often struggle with high upfront vehicle costs, poor documentation, and maintenance downtime. The startup addresses this by offering branded electric scooters on lease, supported by a growing fast-charging network.
Since starting with just 10 vehicles in July 2024, Ridev has scaled to 1,400+ scooters by October 2025, with each vehicle generating about ₹9,900 in monthly revenue and a 60% renewal rate.
The numbers also caught attention. In September 2025 alone, Ridev reported ₹82 lakh in net sales and ₹50 lakh in EBITDA, showing that the unit economics are starting to work at scale. The company currently operates 80 fast-charging stations, with each setup costing around ₹70,000, helping reduce downtime for riders.
After discussions on the Tank, Kunal Bahl came on board with ₹1 crore for 3% equity, along with ₹5 crore in debt at 14.5% interest, valuing the company at ₹33.33 crore.
The fresh capital will help the startup expand its fleet, strengthen operations, and double down on infrastructure as it builds a full-stack electric mobility platform for the gig economy.