India’s Rattan India announced a 100% stake in the electric motorcycle maker, Revolt Motors. Earlier the company already acquired a 33.8 % stake. Revolt is the highest-selling electric motorcycle in the country so far. It has sold 20,751 units to date.
The deal is the latest in the Indian electric vehicle (EV) space after startups Euler Motors and Yulu received investments worth several millions of dollars in recent weeks, while local automobile giants Mahindra & Mahindra and Tata Motors have also ramped up their EV efforts. EV sales are surging across the globe, with consultant AlixPartners expecting them to reach 33% globally by 2028 from less than 8% of global sales last year.
RattanIndia, which already owns a 33.84% stake in Revolt, said Revolt was the highest-selling electric motorcycle in the country, with bike owners clocking in more than 100 million km on Indian roads so far. Revolt Motors has a manufacturing facility in the northern Indian state of Haryana and 29 dealership stores across the country, the world’s largest two-wheeler market. “We are ready for the next growth phase for Revolt Motors,” said Anjali Rattan, business chairperson of RattanIndia.
Electric motorcycle manufacturers
Oben is another electric motorcycle manufacturer that offers the Rorr e motorcycle, priced at Rs 99,999. Oben so far has received 15,000 bookings for the Rorr, which is targeted at people in the age group between 18-35-years-old. The Oben Rorr, as per company claims can be charged fully in 2 hours and claims a range of 200km. The deal comes at a time when electric vehicle manufacturers are ramping up production or focusing on making EVs, which include homegrown auto majors such as Tata Motors and Mahindra.
In an official statement, Rattan India said, “Rattan India Enterprises Ltd. truly believes that electric mobility will define the future of automobiles in India, and Revolt’s commitment to driving the passion of electric motorcycling is stronger than ever before.” Currently, Revolt Motors sells the RV400 electric motorcycle that offers a range of 150 km on a full charge. The electric motorcycle uses a 72V, 3.24KWh battery pack and a 3KW mid-drive motor to power the motorcycle. The Revolt RV400 features three riding modes – Eco, Normal, and Sports – and the battery pack can be fully charged in four and a half hours. The deal comes at a time when electric vehicle manufacturers are ramping up production or focusing on making EVs. The revolt had earlier launched the RV300, which is now discontinued in India. Also, after a brief break, Revolt Motors reopened bookings for the RV400 electric motorcycle earlier this year.
