RattanIndia Enterprises Ltd-owned electric motorcycle maker, Revolt Motors, is seeking private equity funding to fuel its ambitious expansion strategy. Aiming to capture a larger share of India’s electric two-wheeler market, the Haryana-based company is expected to bring in private equity investment within the next few months.
As one of the early players in India’s electric motorcycle space, Revolt Motors currently offers two models, the RV400 and the newly launched RV1, each with two variants. The company boasts a retail network of 120 outlets across 21 states.
“We have a five-year plan to introduce one new product every year and expand our retail network to 500 locations within the next 12 to 18 months,” said Anjali Rattan, Chairperson of RattanIndia Enterprises. To support its growing product lineup, Revolt Motors is expected to invest in research and development as well as ramp up production.
Its current facility in Manesar has a monthly production capacity of approximately 13,500 units. While the company has not revealed specific details on capacity expansion, Rattan indicated plans to establish a new manufacturing facility in South India.
When questioned about the possibility of securing external investment, such as from private equity firms, Anjali stated, “That would be the first step and is probably a few months away.” In a move to widen its market reach, Revolt Motors recently introduced its first commuter electric motorcycle, the RV1, priced at ₹84,990.
Deliveries are set to begin on September 23, with a target to sell 15,000 units by Diwali. Additionally, the company has started exporting its products, initially to Sri Lanka, with plans to enter markets in Nepal, Africa, and Latin America.
Revolt’s expansion aligns with broader industry trends, as major electric two-wheeler makers like Ola Electric, Ather Energy, and Hero MotoCorp outline their own strategies for the electric motorcycle market. Despite two-wheelers driving India’s shift toward electrification, the electric motorcycle segment remains relatively untapped, with key players including Revolt, Tork, Matter, and Ultraviolette.
In the Indian market, motorcycles account for around 63% of two-wheeler sales. Industry analysts predict that electric motorcycle penetration could reach up to 10% by the end of this decade. Several competitors are gearing up for this opportunity:
- Ola Electric has recently raised ₹5,500 crore in an IPO and is planning to introduce a portfolio of four electric motorcycles starting next year.
- Ather Energy, preparing for its own IPO, is developing the “Zenith” platform aimed at the 125-300cc motorcycle segments.
- Hero MotoCorp is building a portfolio of electric motorcycles, including six models under the Vida brand and four more through its partnership with Zero Motors, starting from 2026. Their first model is expected to be a premium offering in the ₹4-5 lakh price range.
Founded by Rahul Sharma, co-founder of Micromax, Revolt Motors was fully acquired by RattanIndia Enterprises in 2022. RattanIndia focuses on tech-driven businesses, including e-commerce, fintech, and drones.
The acquisition took place amid government scrutiny over Revolt Motors’ claim to subsidies under the FAME scheme. Currently, the company sources its batteries from China’s Contemporary Amperex Technology Co. Ltd.
