Revv Receives Series B Funding from Hyundai Motors
Friday, 24 August 2018, 19:43 IST
Revv, India’s fastest growing car-sharing company raised Rs.100 crore in a Series B funding from Hyundai Motor, making them the first and only automotive company among Revv’s investors. The funding will be used to expand its products offerings for both long duration and on-demand use cases, strengthening its technology team and build brand awareness. This funding also paved way for Hyundai Motors to enter the car sharing market.
Y K Koo, MD & CEO, Hyundai Motors, says, “Hyundai Motor India has been growing rapidly with its outstanding performance and has become a strong market leader in India. We are just about to step forward and expand our business into the future mobility field with Revv. Hyundai Motor India will build prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car sharing company, Revv.”
Anupam Agarwal & Karan Jain, Co-Founders, Revv, says, “We feel privileged to have Hyundai Motor on-board for this journey. During the past three 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,”
Founded in 2015, Revv has its presence in 11 cities, serving more than 300 thousand users and it plans to increase its footprint to 30 cities during the next 12 months. Its products include hourly self-drive car sharing, one-way outstation car sharing and Switch – nation’s first monthly car subscription program, where users can have all the benefits of a car without any hassle, upkeep and commitment. Existing investors include Edelweiss and Beenext also took part in the round, with new investors Dream Incubator, Sunjay Kapoor of SonaBLW and Telama Investment.
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