Avalon Technologies Limited to invest Rs 11 crore in Revos

Avalon Technologies Limited, referred to as Avalon, plans to invest Rs 11 crore in convertible notes of Revos Auto Tech Pte. Ltd., which could give it a 2.26% fully diluted stake if conversion occurs at the disclosed floor price. The November 12, 2026 filing gives an indicative completion period of 12 weeks and says no regulatory approval is required.

What is Avalon investing in Revos?

Avalon is proposing a Rs 11 crore cash investment in Revos through convertible notes, rather than a direct purchase of ordinary shares. The proposed investment could result in Avalon holding 2.26% of Revos’s fully diluted share capital, assuming the notes convert at the floor price.

The filing describes Rs 11 crore as the total investment amount and cash as the form of consideration. It does not disclose the number of notes, their maturity, interest terms, conversion price, floor price or the number of Revos shares that could be issued on conversion.

Revos is a Singapore-incorporated company, established on July 5, 2021. Avalon said the proposal is not a related-party transaction and that its promoters, promoter group and group companies do not have an interest in Revos.

What does Revos do in EV charging?

Revos operates in electric vehicle, or EV, charging infrastructure, designing, developing, manufacturing and sourcing electronic hardware for EV chargers serving Indian and overseas markets. Its activities also include a peer-to-peer EV charging network.

The company additionally offers a smart micro-mobility platform for enterprises across the automotive shared-mobility value chain. Avalon identifies India and Singapore as the two countries where Revos has a presence, while the filing does not provide a country-level split of revenue or operations.

Revos’s business therefore combines charger-related hardware with charging-network and mobility-platform services. The announcement does not state the number of chargers, network users, enterprise customers or specific charging products operated by Revos.

How has Revos revenue changed over three years?

Revos reported consolidated revenue of SGD 2,087,113 in FY 2024-25, up from SGD 1,363,643 in FY 2023-24 and SGD 1,019,884 in FY 2022-23. Its latest reported revenue was SGD 723,470 higher than in FY 2023-24.

The FY 2024-25 figure was SGD 1,067,229 above FY 2022-23, showing an increase across both year-on-year periods supplied in the filing. Avalon describes these as consolidated revenue figures, without separating revenue from charger hardware, the charging network or the micro-mobility platform.

The disclosure provides revenue in Singapore dollars but no exchange rate, Revos profit, cash-flow, balance-sheet or valuation information. As a result, the Rs 11 crore proposed investment cannot be assessed against a disclosed earnings measure or revenue valuation multiple from this announcement.

Why is Avalon making the Revos investment?

Avalon said the Rs 11 crore investment is expected to support its growth in the EV ecosystem and help it identify and pursue potential business collaboration with Revos. This is Avalon’s stated strategic rationale, and the filing does not identify a signed supply contract, customer programme or revenue target.

Avalon also said the convertible-note investment is not expected to have an adverse impact on its existing business. The statement concerns the expected effect on current operations and does not specify the return Avalon expects from the notes or from any future commercial collaboration.

The proposed stake remains conditional on conversion at the floor price, because the stated 2.26% ownership is based on that assumption. Avalon does not disclose whether the notes would provide board representation, preferential rights, commercial exclusivity or any other governance rights.

When could Avalon complete the Revos investment?

Avalon has given an indicative completion period of 12 weeks for the Revos investment announced on November 12, 2026. The filing does not give a specific closing date, so the disclosed timetable points to an expected completion period rather than a fixed deadline.

No governmental or regulatory approval is required for the transaction, according to Avalon. The filing does not list contractual closing conditions, noteholder rights or circumstances that could alter the indicative 12-week schedule.

Avalon’s standalone balance sheet as of September 30, 2026 showed cash and cash equivalents of Rs 40.53 crore, compared with Rs 38.22 crore on March 31, 2026. Current borrowings were Rs 90.97 crore on September 30, 2026, versus Rs 35.16 crore at March 31, 2026, although the filing does not state how the Rs 11 crore Revos investment will be funded.

Conclusion

Avalon’s proposed Rs 11 crore convertible-note investment creates a potential 2.26% fully diluted interest in Revos at the floor-price conversion assumption. The target operates across EV-charger hardware, a peer-to-peer charging network and enterprise micro-mobility services in India and Singapore, while its consolidated revenue increased from SGD 1,019,884 in FY 2022-23 to SGD 2,087,113 in FY 2024-25.

The next disclosed item to watch is the indicative 12-week completion period from the November 12, 2026 announcement. Further disclosures could clarify the conversion price, note maturity, shares issuable, final ownership outcome and the specific business collaboration Avalon intends to pursue with Revos.