Revolt Intellicorp hits pause button on fresh bookings
Revolt Intellicorp hits pause button on fresh bookings
Mumbai, May 6:RattanIndia-backed electric bike maker Revolt Intellicorp on Thursday said it has received strong response for Revolt EV bikes and has paused taking any fresh bookings owing to high demand.
Due to overbooking, Revolt has paused taking any fresh bookings on its website post receiving an overwhelming response from the consumers, the company said in a release.
The company said it will re-open the bookings after meeting the current set of orders in hand.
Listed company RattanIndia Enterprises Ltd had last week announced an investment of Rs 150 crore for acquiring substantial stake in the Gurugram-based company.
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RattanIndia has recently marked its entry into the two wheeler EV space through investment in Revolt Intellicorp Pvt Ltd. The company has noted high demand for its two electric bikes RV 300 and RV 400 and have hence stopped accepting any further bookings on the company website.
The company will re-open bookings once current orders are met. The new acquisition will see the company old 50 percent stake in Revolt while Rajiv Rattan will be Chairman of the board of Revolt.
Revolt has its production set up in Manesar in Haryana and presence in Delhi, Pune, Chennai, Hyderabad and Ahmedabad. The company produces two electric bikes the RV 300 and RV 400, both of which offer a range of 150 kms on single charge, a top speed of 100 km/h and have battery charging time of 4 hours. The company offers a warranty of 1,50,000 kms on the 3.24 kWh battery, the highest offered by any other two whe
Shares of RattanIndia Enterprises hit 5 per cent upper circuit at Rs 10.15 on the BSE in intra-day session on Thursday after the company announced that it is venturing into electric vehicle (EV) space by acquiring a substantial strategic stake in EV two-wheeler maker Revolt Intellicorp.
As part of the deal, RattanIndia Enterprises will have 50 per cent board presence in Revolt Intellicorp and Rajiv Rattan will be chairman of the board of Revolt. The deal has been priced at Rs 150 crore. Revolt Intellicorp is a next-gen mobility company, promoted by Rahul Sharma, co-founder of Micromax.
The deal is RattanIndia Enterprises first investment in new-age manufacturing business. The company is fully focused on pursuing businesses which will leave a huge positive impact on Indian society at large by deploying technology and will continue to invest money in such new-age businesses, RattanIndia Enterprises said in a press note.
RattanIndia acquires substantial stake in EV 2-wheeler firm Revolt Intellicorp for Rs 150 Cr
Revolt will be deploying the fresh capital raised from the stake sale to RattanIndia to expand its distributor and service network across 35 cities.
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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 percent board presence in the Gurugram-headquartered
Revolt Intellicorp Pvt Ltd, with Rajiv Rattan heading the company s board as its chairman, the company 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.
Startup news and updates: daily roundup (April 29, 2021)
YourStory presents this daily roundup of the latest startup news and updates from the Indian startup ecosystem and beyond. Here s the roundup for Thursday, April 29, 2021.
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