Delhi-based car-sharing company Revv on Thursday announced that it has raised Series B funding for Rs 100 crore led by Hyundai Motor. Existing investors Edelweiss and Beenext also participated in the round with other investors.
The car sharing platform aims to re-imagine the mobility solutions for users’ needs ranging from few hours to a few years, to cater to the vast majority of Indians who do not own a car yet.
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Its products include self-drive car sharing on an hourly basis, one-way outstation car sharing and Switch, where members enjoy all the benefits of car ownership without the hassle, upkeep and commitment.
With its strategic investment in Revv, Hyundai Motor gains its first foothold in the Indian car-sharing market and is the only automotive company amongst Revv’s investors.
Hyundai Motor’s blueprint is to co-develop the company’s new growth engine by developing innovative mobility services that combine technologies such as autonomous driving and artificial intelligence with the sharing economy to transform people’s lives.
The company will use the freshly infused funds to expand its product offerings for both long-duration and on-demand use cases, strengthen its technology team and build brand awareness. It also plans to increase its geographical footprint to 30 cities during the next 12 months.
“We feel privileged to have Hyundai Motor on-board for this journey. During the past 3 years of our existence, we have stayed focused on delivering great customer experience through a combination of innovative products suited to the varied needs of users. Strong traction with our users and thoughtful use of technology, e.g. an artificial-intelligence based driver assistance system that dramatically improves users’ safety, has helped us scale rapidly,” Anupam Agarwal and Karan Jain, co-founders of Revv told Money Control.