RattanIndia Enterprises Ltd forays into Electric Vehicle (EV) space

RattanIndia Enterprises Ltd announced today that it is venturing into Electric vehicle space by acquiring substantial strategic stake in Revolt Intellicorp Pvt Ltd.

Revolt Intellicorp is a next-gen mobility company, created for the smart world, promoted by Rahul Sharma, co-founder of Micromax. Revolt is working with a vision of democratising clean commutes using next-gen mobility solutions and a mission to create a future of next-gen mobility with 100% accessibility and 0% fuel residue. With technology at its roots and class-apart products, Revolt has introduced India's first Al-enabled motorcycle without compromising on the performance or aesthetics of a regular ride.

As part of the deal, RattanIndia Enterprises will have 50% board presence in Revolt Intellicorp and Rajiv Rattan will be chairman of the board of Revolt. After setting a benchmark across the country disrupting the two-wheeler market with a range of electric motorcycles, clocking 18 Mn kms on road and processing 329 Mn data records till date, Revolt Intellicorp will leverage this collaboration to expand its footprint pan India.

This deal happens to be RattanIndia Enterprises first investment in a new age manufacturing business. Commenting on the investment, Rajiv Rattan, Founder and Chairman of RattanIndia Group, said, "We are very excited to join hands with Revolt Intellicorp and be a part of the electric mobility shift which is undoubtedly poised to be at the forefront of India's next green revolution. We have built big businesses in the past and are committed to ensuring a roaring success for this business as well. We firmly believe that speed of adoption of EVs' in the country will be beyond anybody's imagination. We also have firm faith in Rahul Sharma who is a proven leader having disrupted the smartphone segment over the last decade and catapulted Micromax to being the number one Indian mobile company. We are confident that this partnership between RattanIndia and Rahul Sharma will lead to creating the number one EV company of India. At Rattanindia Enterprises, we will continue to invest in high growth tech enabled new age businesses."

Revolt will be deploying the fresh capital to expand the distributor and service network a pan India across 35 cities. In addition to this, the company will be leveraging Al, to upscale and provide a 100% in-house developed - Made in India, world-class contactless experience for its customers. Speaking about the deal, Rahul Sharma, Founder, Revolt Intellicorp Pvt. Ltd, said, "At Revolt Intellicorp, we are determined at providing better and safer e-mobility solutions to our customers. Despite challenges brought by the pandemic, Revolt India has emerged as a global powerhouse expanding its footprint to 6 cities across India. Our partnership with RattanIndia Enterprise Ltd., complements our vision to offer eco-friendly transportation solutions as well as look forward to expanding our reach to a larger base of customers across top 35 Indian cities."

This investment further expands Revolt's commitment to support innovation and technology; democratizing clean commute using next-gen mobility solutions. The company is completely focused on providing world class electric mobility products which are affordable and accessible to every Indian.

Rattanindia Enterprises is fully focused on pursuing businesses which will leave huge positive impact on Indian society at large by deploying technology and will continue to invest money in such new age businesses.

Shares of RattanIndia Enterprises Limited was last trading in BSE at Rs.9.67 as compared to the previous close of Rs. 9.21. The total number of shares traded during the day was 3447836 in over 1703 trades.

The stock hit an intraday high of Rs. 9.67 and intraday low of 8.75. The net turnover during the day was Rs. 32783776.

Source : Equity Bulls

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