Delhi-based Car-rental startup Revv has raised $14 Mn in Series B funding led by Hyundai Motor. The current round also saw participation from Dream Incubator, Sunjay Kapoor of Sona BLW, Telama Investment, and existing investors Edelweiss and Beenext.
With this strategic investment in Revv, Hyundai Motor will work 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.
Revv was founded in 2015 by ex-McKinsey executives Anupam Agarwal and Karan Jain. The startup offers on-demand car rentals service to users at their doorsteps and have it picked up later from the same place. The company is currently active in 11 cities in India with a fleet of around 1,000 vehicles. It claims to have served 300,000 users to date.
“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.
Revv previously raised about $9 Mn series A round in December 2016. Prior to that, the company has received an undisclosed sum in August 2015. Besides, these two equity round, It also raised a Debt funding round from Mahindra Finance in December 2016.
Revv will use newly raised funds to expand its product offerings for both long-duration and on-demand use cases. Besides, the company will increase its geographical footprint to 30 cities and hire more people in its technology team and build brand awareness during the next 12 months.