RattanIndia picks stake in EV firm for Rs 150 cr
RattanIndia Enterprises has acquired a substantial stake in EV two-wheeler maker Revolt Intellicorp for Rs 150 crore to foray into the fast-expanding electric vehicle business.
As part of the deal, RattanIndia Enterprises has invested Rs 150 crore and will have a 50 per cent board presence in the Gurugram-headquartered Revolt Intellicorp Pvt Ltd with Rajiv Rattan heading the company’s board as its chairman, RattanIndia Enterprises said in a release.
The erstwhile infrastructure firm had rechristened itself as RattanIndia Enterprise from RattanIndia Infrastructure and moved away from its traditional business to get into the new-age ventures.
With RattanIndia on board, Revolt Intellicorp will leverage this collaboration to expand its footprint pan India, it said.
Revolt will be deploying the fresh capital raised from the stake sale to expand its distributor and service network across 35 cities. In addition to this, the company will be leveraging AI to upscale and provide a 100 per cent in-house developed contactless experience for its customers, the release added.
