Shared mobility start-up Revv has raised around Rs 100 crore in Series B funding from auto major Hyundai Motor. Revv’s existing investors Edelweiss and Beenext also participated in the round along with new investors Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment.

The company will use the freshly infused funds to expand its product offerings for both long-duration and on-demand use cases, strengthen its technology team and build brand awareness. It also plans to increase its geographical footprint to 30 cities in the next 12 months.

With its strategic investment in Revv, Hyundai Motor gains its first foothold in the Indian car-sharing market. “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. The South Korean auto major’s blueprint is to co-develop the company’s new growth engine by developing innovative mobility services that combine technologies such as autonomous driving and artificial intelligence.

“During the past 3 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, eg. an artificial-intelligence based driver assistance system that dramatically improves users’ safety, has helped us scale rapidly,” said the co-founders of Revv.

The market growth potential for mobility services is stronger in India than that of any other global market, expanding to $2 billion by 2020. Furthermore, millennials, who are heavy users of car-sharing services, comprise 35% of the total population of India.

With this investment, Hyundai joins the list of automakers such as Ford, Mahindra, General Motors and BMW who have invested in cab sharing companies such as Uber, Ola and Car2Go among others.

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