Hyundai announces partnership with car rental service Revv in India

The company did not disclose the financial details

South Korean automaker Hyundai on Monday announced a partnership with self-drive car-sharing firm Revv in the country.

The partnership entails development of an innovative car sharing service and conducts creative marketing activities in India, the auto major said in a statement.

The company's strategic investment and partnership will enable both Hyundai Motor and Revv to build competency and the technology necessary for leading the future mobility market in India, it added.

It , however, did not disclose the financial details.

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

The company is just about to step forward and expand its business into the future mobility with Revv, he added.

"Hyundai Motor India will build prominent system with both 'Open Innovation' strategy and India's fastest growing self-drive car sharing company, Revv," Koo said.

Hyundai Motor, which is the only automotive company among Revv's investors, will explore ways to support Revv's car sharing service, including the supply of car sharing products, the development of new mobility service platforms, and product marketing.

Commenting on the development, Revv co-founder Anupam Agarwal said the mobility industry is going through a dramatic shift globally, with the bulk of the innovation still to come.

"We want to be at the forefront of creating innovative solutions that can meaningfully shape this shift, and Hyundai Motor will play a crucial part in this mission," he added.

The self-drive segment in the country has been showing exponential growth, expanding from USD 900 million in 2016 to USD 1.5 billion in 2018, and projected to expand to USD 2 billion by 2020.

India's 15,000 car sharing vehicles are expected to grow to 50,000 by 2020, and 150,000 by 2022, as per the company estimates.