Companies

RattanIndia to invest in expanding Revolt Motors’ presence across 35 cities

Ayushi Kar Mumbai | Updated on June 14, 2021

Revolt Intellicorp’s RV400 and RV300 e-motorcycles

Bullish on EV space

RattanIndia Enterprises, which recently acquired a stake in homegrown electric two-wheeler manufacturer, Revolt Motors, will invest to expand the network of service centres and dealers across 35 cities.

Funds for this investment were secured after RattanIndia Group sold off its entire solar portfolio to GIP group, and is reinvesting some of the money into the EV space.

“We are really bullish on the EV space, with the government’s push for electrification, we think this sector holds a huge promise for growth,” said Anjali Rattan, promoter of Rattan India Enterprises.

Rattan India Enterprises had announced in April that it is investing ₹150 crore in electric motorcycle maker Revolt Intellicorp, founded by Micromax co-founder Rahul Sharma, for a 43 per cent stake in the company.

Anjali Rattan also disclosed that Revolt Motors has a deal with Domino’s to convert its delivery fleet to electric vehicles. he ₹150-crore investment will be used by Revolt Motors to expand the network of service centres and dealers to 35 cities, and also expand the network of switch stations within cities to improve vehicle range for the bikes. The Fame II subsidies announced on June 12 also come right on time, which would translate into an incentive of ₹48,000 per bike for Revolt.

According to Anjali, the focus of investments by RattanIndia Enterprises will be mostly towards businesses that are growth oriented with quicker returns. “Most of our present holdings are in thermal power which requires an extremely high capital expenditure and a huge debt, moreover the thermal power industry is less likely to grow,” Anjali explained. Anjali’s previous foray into solar power was also abandoned due to high capital expenditure, which along with the tariff drop to ₹2 per unit made the venture unprofitable. Thus, most new investments for RattanIndia Enterprises will be tech-based.

Published on June 14, 2021

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