RattanIndia Enterprises acquired 100% stakes in electric vehicle manufacturer startup Revolt Motors

RattanIndia Enterprises, a flagship company of RattanIndia Group, acquired 100% stakes in electric vehicle manufacturer startup Revolt Motors for an undisclosed amount.

Revolt creates sustainable mobility vehicles such as the RV 400 and RV 300 AI-enabled electric bikes. It also runs Revolt Switch Station battery-swapping stations across India. RattanIndia had previously purchased 33.84% of Revolt, with the option of increasing its stake in the startup, according to the company. Furthermore, the centre’s think tank, NITI Aayog, estimated this year that electric two-wheelers would have reached 100% penetration in the country by the fiscal year 2027. Meanwhile, according to another report, the Indian EV market will grow at a CAGR of 94.4% between 2021 and 2030.