Evolet is a promising brand of electric vehicle based in Gurugram, Haryana under the parent company Rissala Electric Motors Limited (REM). Evolet, born of the discipline and precision of the Indian armed forces, is gradually establishing its niche in the domestic EV market, which is rapidly growing, encompassing not only electric scooters and motorcycles, but also quad bikes, autos, ambulances, and buses.
Evolet: Company
Evolet, which was founded by the Indian Army and Air Force veterans, is anchored on discipline, innovation and sustainability. It is a new-age electric car company producing scooters, motorcycles, quad bikes, mopeds, autos, ambulances and buses, all ARAI and ICAT certified and with a caring attitude to nature have electrified the electric vehicle market.
The Rissala Group has diverse business pillars in hospitality, wellness, lifestyle, sports, aviation and progressive agriculture with Rissala Electric Motors being its flagship EV project which has veteran defence officers with almost 30 years of practical experience in the world-class technologies.
History and Inception
Incorporated 14 May 2019: Rissala Electric Motors Limited is based in Gurgaon, Haryana.
The goal of the business was to deliver clean, noise less, friendly, and affordable electric two-wheelers to military personnel. In a period of over one to two years, the military veterans had tested over 2,000 vehicles in different models in extreme weather conditions such as hot deserts, high altitude and freezing cold before starting their commercial venture into the e-mobility space.
In September 2019, REM rolled out its brand Evolet with its line of EV models in NCR, and then inaugurated its flagship showroom in Gurugram. Its manufacturing plants are located in Haryana, Hyderabad and Chennai where it provides 13 products in different segments. The plant at Bilaspur, Haryana has a constructed area of 1.4 lakh sq. ft. with a manufacturing capacity of 3.5 lakh two-wheelers in a year and the Hyderabad and Chennai plants have already the capacity to manufacture 1,500 buses in a year on an area of over 2 lakh sq. ft.
Evolet Services & Product Portfolio
The product range of Evolet extends to various segments of EV, making Evolet one of the more diversified EV brands in India. The company has developed and planned a variety of electric scooters and sports bikes with different technical features and performance indicators, it is also developing electric ATV and buses.
Evolet is actively involved in the development of electric mobility in India, providing a complex of strategies to it: investment in technology, aftermarket network, availability of spare parts and efficient after-sales services. Evolet also works with the stakeholders to ensure charging infrastructure is secured not just to serve their customers, but also other brands.
Environmentally, Evolet electric cars will be environmentally friendly – powered by electricity, they emit zero tailpipe emissions, which contribute to air pollution and prevent climate change. They help to make CO2 emissions significant when using renewable sources.
Evolet has also introduced a 360-degree all-around campaign named Go Green to market the brand, passing social messages on the topics of the Road Safety and Environmental Sustainability.
Evolet Share Price & Financial Status
Evolet (Rissala Electric Motors Limited) is a non-traded company that is not listed on NSE or BSE. At this moment, Evolet trades in unlisted market by way of private transactions in pre-IPO markets.
The registered share capital of Rissala Electric motors limited is 6.00 crore and the paid-up capital is 5.88 crore. The company’s operating revenue range is ₹1 crore to ₹100 crore for the financial year ending 31 March 2023.
Evolet has a revenue of ₹9.02 crore in FY 2023 and an employee base of approximately 30. The company has not raised any institutional funding yet. Nevertheless, there is an increasing interest among investors due to the fast development of the EV industry in India and the unique position of Evolet as an ARAI and ICAT-approved firm with a defence-veteran-founder.
Conclusion
Evolet is an exciting brand in the Indian EV ecosystem – a company that has its origins in military accuracy, and is now expanding to mass-market electric mobility. Although it is unlisted and pre-IPO at this point, its diversified product offering, defence-grade testing experience, expanding dealership system, and focus on the India EV push all combine to make the company a company to keep an eye on. Those who want to obtain pre-IPO exposure need to follow official announcements about any follow-up listing plans.
This is an informational article and should not be taken as financial or investment advice. Before investing, one has to seek the advice of a SEBI-registered advisor.
