Electric two-wheeler maker Revolt Intellicorp has raised Rs 150 crore in funding from diversified RattanIndia Group (formerly Indiabulls Power).
RattanIndia Group has bought 43% of Gurugram-based Revolt Intellicorp as part of the deal. The latter said it will utilise the capital to expand its reach in India as well as South Asian markets.
As part of the deal, RattanIndia Enterprises chairman Rajiv Rattan will join Revolt Intellicorp as non-executive chairman.
Revolt Intellicorp, which has a manufacturing facility in Manesar (Haryana), has presence in Delhi, Pune, Chennai, Hyderabad and Ahmedabad.
The firm, founded by Micromax co-founder Rahul Sharma, intends to spread its network in nearly 35 cities across the country.
Besides, the company will be leveraging artificial intelligence to provide an in-house contactless experience for customers.
The transaction was routed through RattanIndia Enterprises, which renamed itself from RattanIndia Infrastructure last month.
RattanIndia Group is a business conglomerate with interests in power generation, cement and mining. It was hived off from Indiabulls Group in 2014. Rajiv Rattan, one of the three co-founders of Indiabulls, had left to lead RattanIndia.
Besides RattanIndia, other large companies making bets on EV makers are TVS Motor Company and Hero MotoCorp.
Also, in July last year, engineering company Greaves Cotton signed a pact to acquire Bestway Agencies, a Haryana-based company that develops and makes electric vehicles.
In August 2018, Greaves Cotton acquired electric two-wheeler maker Ampere from a bunch of investors including Tata Sons chairman emeritus Ratan Tata and Infosys co-founder Kris Gopalakrishnan.
