RattanIndia has acquired a 100% stake in the electric vehicle brand Revolt Motors. The latter had earlier acquired over 33% shareholding in the EV start-up founded by Micromax founder and had kept options open to increase the shareholding further.
Anjali Rattan, Business Chairperson of RattanIndia, noted, '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 faster than we anticipate.”
Revolt's electric bike sales have been declining Month-on-Month in India. The company registered only 838 electric bikes in September 2022, against 1,648 in August, 2,318 in July, and 2,424 in June. Revolt had raised INR 150 crore from RattanIndia last year.
The company currently retails RV400 and RV300 electric bikes. These electric bikes have a range of 150 km on a single charge, a top speed of 85 km/hr, and a full battery charge time of four hours. RV400 is offered with a 3.24 kWh battery with a warranty of 150,000 km.
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