RattanIndia Enterprises buys stake in AI-enabled EV bike manufacturer Revolt Intellicorp

RattanIndia Enterprises (formerly RattanIndia Infrastructure) said that it is foraying into the electric vehicle (EV) business by acquiring a 43% stake in Revolt Intellicorp for INR1.5 billion ($20 million).

Revolt Intellicorp is an India-based next-gen mobility company that manufactures artificial intelligence (AI) enabled electric vehicles.

Promoted by Micromax co-founder Rahul Sharma, the company had a turnover of INR26.47 crores as of 31 March 2021.

Revolt Intellicorp is credited to have launched the first Al-enabled motorcycle in India.

The Indian mobility company will use the new capital for growing its distributor and service network across 35 cities in the country.

RattanIndia Enterprises buys stake in AI-enabled EV bike manufacturer Revolt Intellicorp. Photo courtesy of Tumisu from Pixabay.

Rahul Sharma said: “At Revolt Intellicorp, we are determined at providing better and safer e-mobility solutions to our customers.

“Despite challenges brought by the pandemic, Revolt India has emerged as a global powerhouse expanding its footprint to 6 cities across India.

“Our partnership with RattanIndia Enterprise Ltd. complements our vision to offer eco-friendly transportation solutions as well as look forward to expanding our reach to a larger base of customers across top 35 Indian cities.”

RattanIndia Enterprises will have a 50% presence on the board of directors of Revolt Intellicorp, which will be chaired by Rajiv Rattan, the former’s founder, and chairman.

Rajiv Rattan said: “We are very excited to join hands with Revolt Intellicorp and be a part of the electric mobility shift which is undoubtedly poised to be at the forefront of India’s next green revolution. We have built big businesses in the past and are committed to ensuring a roaring success for this business as well.

“We firmly believe that speed of adoption of EVs in the country will be beyond anybody’s imagination. We also have firm faith in Rahul Sharma who is a proven leader having disrupted the smartphone segment over the last decade and catapulted Micromax to being the number one Indian mobile company.”