Revv raises Rs. 100 Cr in Series B funding led by Hyundai Motor

Car-sharing company Revv on Thursday announced securing Rs. 100 crore in Series B funding led by Hyundai Motor.

Being amongst the largest car sharing platforms in India, Revv 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.

Its products include hourly self-drive car sharing, one-way outstation car sharing and Switch - India's first monthly car subscription program, 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.

"Hyundai Motor India has been growing rapidly with its outstanding performance and has become a strong market leader in India," said Y K Koo, MD and CEO, Hyundai Motor India Ltd.

"We are just about to step forward and expand our business into the future mobility field with Revv. Hyundai Motor India will build a prominent system with both 'Open Innovation' strategy and India's fastest growing self-drive car-sharing company, Revv," added Y K Koo.

"The strategic investment by Hyundai Motor validates our belief in the innovation and execution performance shown by Revv. This partnership further strengthens Revv's capabilities and the growth trajectory in India while opening up avenues for global partnerships through Hyundai's network," said managing partner and head, Edelweiss Private Equity, Pranav Parikh.

"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," said the co-founders of Revv.

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.