RattanIndia Enterprises Ltd announced that it will purchase a 100% stake in Revolt Motors, an electric motorcycle maker. This comes at a time when eco-conscious customers are looking for alternatives to traditional vehicles.
RattanIndia shares shot up 10% in morning trading, but the company did not reveal the amount of the deal. This deal is the latest in India’s electric vehicle, after Euler Motors and Yulu received investments worth millions of dollars in recent weeks.
Global EV sales are on the rise, and AlixPartners expects them to grow to 33% by 2028 from less than 8% last year.
RattanIndia already holds a 33.84% share in Revolt. According to the company, Revolt was the most popular electric motorcycle in India. Owners have logged more than 100 million kilometres on Indian roads.
Revolt Motors is a manufacturer from Haryana, northern India. It also has 29 dealerships across the country. This makes it the largest two-wheeler market in the world.
RattanIndia’s business chairperson Anjali Rattan stated, “We are ready to move on to the next phase of Revolt Motors.”