RattanIndia Enterprises, a New Delhi-headquartered private-sector power producer, has announced it is venturing into electric vehicle space by acquiring a substantial strategic stake in Revolt Intellicorp, a next-generation electric mobility company. The company will infuse an aggregate INR 150-crore fund into Revolt.
Revolt, promoted by Micromax co-founder Rahul Sharma, has introduced India’s first artificial intelligence-enabled electric motorbike. Headquartered in Gurgaon, it has a manufacturing facility in Manesar, Haryana. Spread over 100,000 square feet, the facility boasts a production capacity of 120,000 vehicles commissioned for the first phase. The company’s turnover as of March 31, 2021, stood at INR 26.47 crore.
As part of the deal, RattanIndia Enterprises will have a 50% board presence in Revolt Intellicorp. Rajiv Rattan, founder and chairman of RattanIndia Group, will also serve as the chairman of the board of Revolt.
This deal happens to be RattanIndia Enterprises’ first investment in a new age manufacturing business. Revolt Intellicorp will leverage this collaboration to expand its footprint pan India.
Revolt will deploy the fresh capital to expand the distributor and service network pan India across 35 cities. In addition to this, the company will be leveraging Al to upscale and provide a 100% in-house developed world-class contactless experience for its customers.
