RattanIndia Enterprises acquires stake in Revolt Intellicorp, ventures into the EV space
New Delhi-based private-sector power producer RattanIndia Enterprises Ltd has announced its foray into the electric vehicle sector by procuring a considerable strategic stake at an investment worth Rs 150 crore in Revolt Intellicorp Pvt Ltd.
As part of the transaction, RattanIndia Enterprises has capitalized Rs. 150 crore and will have a 50 percent board presence in Revolt Intellicorp and Rajiv Rattan will be chairman of the board of Revolt.
After setting a benchmark across the country disrupting the two-wheeler market with a range of electric motorcycles, clocking 18 million kms on-road, and processing 329 million data records to date, Revolt Intellicorp will leverage this partnership to expand its footprint pan India.
Revolt Intellicorp is a next-gen mobility company, created for the smart world, promoted by Rahul Sharma, co-founder of Micromax. Revolt is working with a vision of democratizing clean commutes using next-gen mobility solutions and a mission to create a future of next-gen mobility with 100% accessibility and 0 percent fuel residue. With technology at its roots and class-apart products, Revolt has introduced India's first AI-enabled motorcycle without compromising on the performance or aesthetics of a regular ride.
This transaction transpires to be RattanIndia Enterprises' first investment in a new age manufacturing business.
Commenting on the investment, Rajiv Rattan, Founder, and Chairman of RattanIndia Group said, "We are very excited to join hands with Revolt Intellicorp and be a part of the electric mobility shift which is undoubtedly poised to be at the forefront of India's next green revolution. We have built big businesses in the past and are committed to ensuring a roaring success for this business as well. We firmly believe that the speed of adoption of EVs' in the country will be beyond anybody's imagination. We also have firm faith in Rahul Sharma who is a proven leader having disrupted the smartphone segment over the last decade and catapulted Micromax to being the number one Indian mobile company. We are confident that this partnership between RattanIndia and Rahul Sharma will lead to creating the number one EV company in India. At RattanIndia Enterprises, we will continue to invest in high growth tech-enabled new-age businesses."
Revolt will be deploying the fresh capital to expand the distributor and service network a pan India across 35 cities. In addition to this, the company will be leveraging AI, to upscale and provide a 100 percent in-house developed – Made in India, world-class contactless experience for its customers.
Speaking about the deal, Rahul Sharma, Founder, Revolt Intellicorp Pvt. Ltd, said, "At Revolt Intellicorp, we are determined at providing better and safer e-mobility solutions to our customers. Despite challenges brought by the pandemic, Revolt India has emerged as a global powerhouse expanding its footprint to 6 cities across India. Our partnership with RattanIndia Enterprise Ltd. complements our vision to offer eco-friendly transportation solutions as well as look forward to expanding our reach to a larger base of customers across top 35 Indian cities."