Revolt Motors looks to raise $100 million in equity capital

MUMBAI: Micromax co-founder Rahul Sharma’s electric vehicle venture Revolt Intellicorp plans to raise equity capital of up to $100 million to fund product development and expansion into more cities. The company will launch operations in Mumbai – its sixth market – this Sunday and aims to have a pan-India presence within a year, Sharma told ET. It is also working on at least two new vehicle platforms. The company has not raised any external equity capital so far, according to Sharma. The cloud-connected motorcycles have cumulatively run for about 5 million kilometres on Indian roads so far, according to Sharma. Foot traffic at the company’s experience centres in Delhi, Chennai, Pune, Hyderabad and Ahmedabad have yet to recover, but sales have been picking up thanks to online bookings, Sharma said. The company aims to completely localise the sourcing of products by December this year. Speaking about the slow uptake of EVs in the country, Sharma said products that were sold earlier either did not match the performance of conventional vehicles or were too deemed expensive.