Revolt Motors gears up for 2026 IPO
“We are a big group, and right now our company is not hungry. We will go for an IPO, but before that, we want to pursue a pre-IPO round,” said Anjali Rattan, Chairperson of RattanIndia Enterprises, in an interview with ETAuto.
She mentioned that the pre-IPO round, involving capital infusion from external investors, could be completed this year, with the IPO planned for the following year.
Revolt Motors currently operates about 200 sales outlets across India and is targeting sales of 13,000-14,000 units in the ongoing fiscal year. The company plans to increase sales volumes to 40,000 by FY26-end, with the goal of expanding its sales outlets to 500.
Interestingly, Rattan highlighted that Revolt aims to achieve a monthly sales volume of 5,000 units before moving forward with the IPO.
Commencing sales in 2019, Revolt Motors was originally co-founded by Micromax founder Rahul Sharma. In January 2023, it was completely acquired by BSE-listed RattanIndia Enterprises and is now a wholly owned subsidiary of this diversified group, which has businesses across sectors, including e-commerce, fintech, and drones.
Since the acquisition, RattanIndia has invested nearly INR 500 crore in Revolt Motors.
Over the past six years, Revolt has sold 45,000 electric motorcycles and currently offers two models in its portfolio—RV400 and RV1. Notably, about 5% of its electric motorcycle sales are to female customers.
Revolt RV BlazeX
On Tuesday, Revolt Motors launched the RV BlazeX electric motorcycle for the commuter segment, priced at INR 1,14,990 (ex-showroom). Bookings for the model are now open, with deliveries scheduled to begin in the first week of March.
Built on the same second-generation platform that also underpins the Revolt RV1 and RV1+ models, the RV BlazeX is powered by a 3.24 kWh lithium-ion battery and features a 4KW peak power motor, offering a 150 km IDC range. It can reach 80% charge in just 80 minutes with fast charging, while standard home charging takes approximately 3 hours and 30 minutes, according to Revolt.
The new BlazeX sources components such as the mid-drive motor from Sona Comstar and NMC battery cells from CATL.
The company plans to export its electric motorcycles to Nepal, Sri Lanka, Bangladesh, and Africa. It already has a distribution agreement with Sri Lanka’s Evolution Auto, with plans to open 15 dealerships in the first phase to sell its vehicles.
Road ahead
"It is a challenge," Rattan said. "Although I have handled businesses across various sectors like real estate and solar, being an OEM is not easy," she added.
As part of its strategy to maintain an edge in the e-motorcycle market, Revolt Motors plans to launch at least two models each year, with one potentially being an upgraded version and the other a completely new product, Rattan said.
Currently, the EV maker manufactures its motorcycles at its facility in Manesar, Haryana, with an annual capacity of around 1.80 lakh units. As part of its expansion plans, the company is looking for a new plant in the southern region of India.
“We are in the process of assessing and evaluating options, and we are open to both greenfield and brownfield opportunities,” Rattan added.
The company is also planning to establish an R&D centre in the southern region and is exploring options in the moped and scooter segments.
Electric two-wheelers
The electric two-wheeler market in India is primarily dominated by the scooter segment, with startups initially leading the way. However, traditional players are now taking the lead.
In the emerging electric motorcycle market, a handful of players, including Revolt, Ultraviolette, and Matter, are currently active. Meanwhile, OEMs like Ola Electric, Ather, and Hero MotoCorp are also formulating their strategies for this growing segment.
