RattanIndia Acquires Micromax Cofounder’s EV Startup Revolt Motors

RattanIndia Enterprises, a flagship company of RattanIndia Group, has acquired 100% stakes in electric vehicle manufacturer startup Revolt Motors for an undisclosed amount. 

As per the company, RattanIndia had earlier bought 33.84% shares in Revolt along with an option of increasing its shareholdings in the startup.

“Revolt is currently by far the best EV bike in the world. 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. I do not have any doubt that what is good for the environment and the country makes for a great business,” said Anjali Rattan, business chairperson of RattanIndia Enterprises. 

Founded in 2017 by Micromax cofounder Rahul Sharma, Revolt manufactures sustainable mobility vehicles such as AI-enabled electric bikes RV 400 and RV 300. It also operates battery-swapping stations called Revolt Switch Station across India. 

Revolt has a manufacturing facility in Manesar, Haryana. It also has retail stores in various cities including Jaipur, Surat, Bengaluru, Delhi, Pune, Ahmedabad, Kolkata, Noida, Hyderabad and Chennai, among others.

In 2021, Rattan India Enterprises reportedly infused INR 150 Cr in Revolt Motors to acquire a 43% stake in the startup.

Revolt said that it stores millions of data points every second to offer a better driving experience to its customers. 

“It is a proud moment for me as we pass on the baton for the next phase of Revolt’s growth trajectory. I am very proud of what we have created with Revolt. Revolters love their Revolts and there is a huge demand for our bikes. I am sure the Revolt revolution has just begun,” said Rahul Sharma, managing director and founder of Revolt. 

Revolt further claims that in the last year, it has expanded its presence across India by opening 29 dealership stores in the country. It also asserted that its electric bikes have covered over 100 Mn Kms on Indian roads to date.

The development has come at a time when EV startups are gaining investors’ confidence recently. Yulu raising $82 Mn, Exponent Energy securing $13 Mn and Ather Energy bagging $128 Mn are some of the startups that have been backed by investors this year.

Further, this year, the centre’s think tank NITI Aayog estimated that electric two-wheelers will have 100% penetration in the country by the financial year 2027. Meanwhile, another report has projected that the Indian EV market is expected to grow at a CAGR of 94.4% during 2021-2030.