Revv, a car rental startup which is based in Gurugram has raised a funding of $14.27Mn in a Series B funding round which was led by the largest automaker from South Korea, Hyundai. The existing investors include Beenext and Edelweiss along with the new investors those participated in the funding round including Telama Investment, Sunjay Kapoor of Sona BLW, Dream Incubator.
Revv was founded in 2015 by Karan Jain and Anupam Agarwal. The company focuses on innovation and is continually challenging the status quo in the self drive mobility for creating products which uniquely suit the Indian consumer. Previously, Revv has also raised more than $9 Mn in funding in the two equity funding rounds it was in August 2015 and December 2016. It has also raised a Debt funding round from Mahindra Finance in the month of December 2016.
Hyundai And Revv: Where Lies The Synergies?
Along with the investment in Revv, Hyundai would also work to co-develop Revv’s new growth engine by developing the innovative mobility services those combine the technologies like autonomous driving and artificial intelligence along with sharing the economy to transform people’s lives.
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The MD and CEO of Hyundai Motor India, Y K Koo said that “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 a prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car-sharing company, Revv.”
Revv is further planning to use the raised funds for expanding its product offerings for long duration and for on-demand use cases, for strengthening the technology team and building brand awareness. The startup is also looking to increase the geographical footprint to more 30 cities during the next 12 months.
“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,” said Revv founders.
Other players in the Indian Self-driving car rental space include Zoomcar, selfdrive.in, MYLES, drivezy among others. The market is growing stronger for the mobility services in India compared to any other global markets. It would expand to $2 Bn by the end of 2020.
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