Rattan India Enterprises is investing Rs 150 crore in electric motorcycle maker Revolt Intellicorp which is founded by Micromax co-founder Rahul Sharma. With this investment, the company will acquire a 43 per cent stake in Revolt.
50 per cent of the board seats in Revolt will be given to RattanIndia Group and Rajiv Rattan will take over as the non-executive chairman of the company.
This funding will be utilised by the electric vehicles (EV) makerl to ramp up production and expand sales to more geographies after disruptions in the past year led to a delay in its plans and a long queue of waiting customers. It presently sells the RV400 electric motorcycle in six cities in India.
REL, which was previously known as RattanIndia Infrastructure has recently renamed itself and is venturing into new markets. This is its first foray into a new age company after moving away from the infrastructure business.