RattanIndia Enterprises has acquired a 100 per cent stake in the electric two-wheeler player Revolt Motors. The company had earlier acquired 33.84 per cent shareholding in the EV start-up with an option to further increase the shareholding. The larger goal of this acquisition is to build an ecosystem which is environment friendly, sustainable, and helps in speeding up the adoption of EVs in the country.
RattanIndia is the flagship company of the Indian energy company, RattanIndia Group. Revolt Motors, on the other hand, is a Manesar-based electric vehicle company founded in 2019 by Indian entrepreneur, Rahul Sharma.
Commenting on this development, Anjali Rattan, Business Chairperson of RattanIndia said, “Revolt is currently by far the best EV bike in the world. It is truly world class in all aspects – its technology, cost, build quality and performance. With this acquisition of 100% shareholding in Revolt Motors we are doubling down on our belief that EV revolution in the country is coming faster than we anticipate.”
According to a report by Mordor Intelligence, this sector is slated to grow at a CAGR of 28.93 per cent between 2022-2027. In addition, substantial growth this segment is witnessing is due to the rapidly escalating year-on-year adoption rate of mild-hybrid electric vehicles, favored electric vehicle policies, and improved government initiatives across India. In addition, compared to other segments, electric vehicle demand was less affected during the COVID-19 pandemic, the report claimed.
At present, Revolt’s AI-enabled RV400 bikes run on 3.24kWh lithium-ion batteries. They are present across 25 cities in India.