Revolt Motors, founded by Rahul Sharma, a co-founder of mobile phone manufacturer Micromax, has been fully bought by RattanIndia Enterprises.
With the opportunity to buy further shares, RattanIndia had already acquired a 33.84% interest in Revolt.
In a market where electric scooter manufacturers predominate; Revolt sells electric motorcycles.
The purchase takes place at a time when Revolt is being investigated by the government for allegedly failing to follow guidelines on required local component sourcing despite having used a subsidy program under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-II) scheme, according to a report from ET on October 7.
“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,” Sharma, the co-founder and managing director of Revolt, said. “Revolters love their Revolts and there is a huge demand for our bikes. I am sure the Revolt revolution has just begun.”
In 2019 the business 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 ownership share.
“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,” said Anjali Rattan, business chairperson, RattanIndia Enterprises. “With this acquisition of 100% shareholding in Revolt Motors, we are doubling down on our belief that the EV revolution in the country is coming in faster than we anticipate.”
