A few years ago, owning a car was the matter of pride for middle class Indian. Now things have changed and especially in urban area, people don’t feel shy to rent a car while they go for a vacation or an intracity travel.
Since the last couple of years, the market has also a very strong growth insight, increasing the number of players in the market. Some of the car rental companies like Zoom Car, My Choize, Carzonrent, and others vow customers with numerous plan. In the latest bid to compete with these players, Car rental startup Revv has launched a new product ‘Switch’ that allow you to subscribe to cars on a monthly or yearly basis. Besides, you can switch between car models, e.g. using a hatchback for daily purpose and an SUV for vacations. You have ample choice, with seven different pricing plans covering 14 car models which include MUVs, SUVs, crossovers, sedans and hatchbacks. The plans can cater to varied budgets and requirements.
Karan Jain, Co-founder and COO of Revv said, “the idea came about as they got feedback from customers who wanted to rent a car for a more longer period than just a day or two. Their requirement was different and the way they used the cars were also different. Plus the car rental products offered were far too expensive if take for a month.”
The annual subscription ranges from Rs. 22,000 to Rs. 40000 per month, depending on the car model that you select. Unlike the down payment that is required while buying the car, there is no large upfront expense involved. Insurance and maintenance are also included, to make it hassle-free. However, there is a security deposit apart from your rental money. This can vary from Rs 5,000 per month for a Rs 22,000 car rental and would go upwards from there depending on the model.
Under this service, you can switch your subscription on or off during the period. While another option is to switch between cars from one month to another. The last one is for those who often travel one city to another, you can opt for the same car in another city when you reach there.
This subscription based product will be available in six cities including Delhi-NCR, Mumbai, Pune, Hyderabad, Bengaluru and Chennai.
Revv car was co-founded by Ex-McKinsey professionals Anupam Agarwal and Karan Jain in May 2015. The idea behind this startup was to offer an alternate way to own a car by middle-class Indian. It has raised a total of $11 million includes a $9 million in its Series A round of funding in November 2016 from Edelweiss Private Equity and Mahindra & Mahindra Finance and $2 million in seed funding.