RattanIndia had previously taken a 33.84% stake in Revolt with an option to increase the shareholding.
Revolt sells electric motorbikes in a market dominated by electric scooter makers.
The acquisition comes at a time when Revolt is under scrutiny by the government for allegedly not complying with rules on mandatory local sourcing of components despite availing of a subsidy scheme under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-II) scheme, ET reported 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.”
The company launched its first vehicle – RV400 – in 2019 with a swappable battery pack and a mobile app. In 2021, the company appointed former MRF and Exxonmobil executive Jenendar Anand as its CEO.
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RattanIndia first invested in Revolt last year when it put in Rs 150 crore in return for the equity stake.
“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.”
