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RattanIndia Enterprises on Wednesday said it 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 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.

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. Additionally, the company will be leveraging AI to upscale and provide a 100 percent in-house developed contactless experience for its customers, the release added.

Despite challenges brought by the pandemic, Revolt India has emerged as a global powerhouse, expanding its footprint to six cities across India.

“Our partnership with RattanIndia Enterprise Ltd complements our vision to offer eco-friendly transportation solutions. We look forward to expanding our reach to a larger base of customers across the top 35 Indian cities,” said Rahul Sharma, Founder, Revolt Intellicorp Pvt Ltd.

This deal happens to be RattanIndia Enterprises first investment in a new-age manufacturing business, Rajiv Rattan, Founder and Chairman, RattanIndia Group, said, adding the company will continue to invest in high growth tech-enabled new-age businesses.

“We firmly believe that the speed of adoption of EVs’ in the country will be beyond anybody’s imagination. We also have firm faith in Rahul Sharma. We are confident that this partnership between RattanIndia and Rahul Sharma will lead to creating the number one EV company of India,” he noted.