Revolt Motors Raises Rs 150 Crore Funding, Will Use It To Expand Dealer Network
The money has come from the RattanIndia Group led by Rajiv Rattan, co-founder of Indiabulls
In addition to the obvious health risks that COVID-19 has caused, it has also inflicted an economic blow the world over. In tough times like these, major manufacturers are able to weather the storm more easily than smaller startups. Fortunately, a small startup that goes by the name of Revolt Motors has managed to secure a fresh funding package of Rs 150 crore to help sustain itself.
This money has come from RattanIndia Enterprises, which will gain an equity share in the company. Rajiv Rattan, the chairman and founder of the RattanIndia Group, will gain a seat on the board of the company, becoming the non-executive chairman. Revolt says this money will go towards expanding its distributor and service network across the country, aiming to establish a presence in 35 cities. At the moment, Revolt has showrooms only in six cities across India, through which it sells the RV300 and RV400 electric motorcycles. Full details are available in the press release below:
New Delhi (April 28, 2021) – Revolt Intellicorp Pvt. Ltd. today announced that it has raised Rs. 150 cr from RattanIndia Enterprises Limited; marking a beginning of growth path for the company. As part of the deal, Rattan India Enterprises will hold an equity share in the company; with Rajiv Rattan joining as non-executive chairman of the board of the company. 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 as well as across South Asia markets.
This deal happens to be RattanIndia Enterprises first investment in an Indian start-up focused on smart, clean and eco-friendly transportation. 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 green revolution. We are upbeat about the future of the sector as well as the product innovations that have come from the Revolt Motors till date; with this endeavour we hope to be a part of the massification of smart, clean and eco-friendly transportation for commuters across the country.”
Revolt motors will be deploying the fresh capital to expand the distributor and service network across pan India to 35 cities. In addition to this, the company will be leveraging AI, to upscale and provide a 100% in-house developed – Made in India, world-class contactless experience for its customers. Speaking about the financing round, 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 Motors has emerged as a global powerhouse expanding its footprint to 6 cities across India. Our partnership with RattanIndia Enterprises Ltd., complements our vision to offer eco-friendly transportation solutions as well as expand our reach to a larger base of customers across top 35 Indian cities.”
This investment further expands the company’s commitment to support innovation and technology, democratizing clean commute using next-gen mobility solutions while focusing on creating next-gen mobility with 100 percent accessibility and zero percent fuel residue.