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South Korea’s Hyunda Motor Company has led a ₹100-crore Series B investment round in Revv, a car-sharing company. Hyundai is the first automotive company to invest in the start-up. Revv’s existing investors Edelweiss and Beenext also participated in the funding round, with new investors Dream Incubator, Sunjay Kapoor of Sona BLW and Telema Investment.
Revv is present in 11 cities in India, serving more than 3 lakh users. The company aims to re-imagine mobility solutions for users by providing them vehicles from a few hours to a few years. Its products include hourly self-drive car sharing, one-way outstation car sharing and Switch, a monthly car subscription programme.
Revv will use the money to expand its product offerings for both long duration and on-demand uses, strengthen its technology team and build brand awareness. It also plans to be present in 30 cities in the next 12 months.
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