RattanIndia acquires electric vehicle maker Revolt Motors

• ByStartupStory     |    October 9, 2022

Rahul Sharma, a co-founder of mobile phone manufacturer Micromax, founded Revolt Motors, which RattanIndia Enterprises has now fully bought. RattanIndia earlier purchased a 33.84% interest in Revolt, with the option to buy more. In a market dominated by manufacturers of electric scooters, Revolt sells electric motorcycles.

The purchase occurs at a time when Revolt is being investigated by the government for allegedly breaking the law regarding the requirement to source components locally even though the company had taken advantage of a subsidy programme through the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-II) scheme, according to a report from ET on October 7.

“Passing the baton for Revolt’s future growth trajectory is a gratifying time for me. Sharma, co-founder and managing director of Revolt, expressed his pride in what his company has accomplished. “Revolters adore their Revolts, and our bikes are in high demand. The Revolt revolution has likely only just begun.

In 2019 the company unveiled the RV400, a vehicle with a smartphone app and a swappable battery pack. Former MRF and Exxonmobil executive Jenendar Anand was named the company’s CEO in 2021. Last year, RattanIndia made its first investment in Revolt when it contributed Rs 150 crore in exchange for an equity stake.

Revolt is now the greatest EV bike in the world, by a wide margin. Technology, price, construction quality, and performance are all truly world-class, according to RattanIndia Enterprises’ business chairman Anjali Rattan. With the purchase of Revolt Motors’ entire share capital, the company is “doubling down” on its conviction that the country’s EV revolution is approaching more quickly than expected.

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