New Delhi-based car-sharing platform Revv has reportedly secured funds amounting to Rs 100 Crore in a Series B funding round. This particular round was led by the popular South Korean car maker Hyundai Motor.
The other investors that participated in this round included Edelweiss and Beenext that are the company’s existing investors. Along with this, fresh investors like Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment were also a part of it.
These company is planning to use the funds so raised for the expansion of its product offerings for both long-duration and on-demand use cases. Also, a part of the funds will be used to strengthen its technology team and build brand awareness. The company is also looking to increase its existence to 30 cities in the next 12 months.
“Hyundai Motor India has been growing rapidly with its outstanding performance and has become a strong market leader in India,” said Mr 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.”
At present, Revv offers its services in 11 cities with than 300 thousand users. It offers hourly self-drive car sharing, one-way outstation car sharing and Switch –a monthly car subscription program.
The co-founders of Revv stated that during the last three years of existence, the company has been focusing on delivering high-quality 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.
This has marked the first investment of Hyundai Motor in the Indian car-sharing market. With this investment, the automaker has joined the list of automakers like Ford, Mahindra, General Motors and BMW that have invested in cab sharing companies such as Uber, Ola and Car2Go among others.