Revv, a car-sharing company, said on Thursday it had secured ₹100 crore in a Series B funding round led by 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.
With its strategic investment in Revv, Hyundai Motor gains its first foothold in the Indian car-sharing market. Hyundai Motor’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 AI with the sharing economy to “transform people’s lives,” Hyundai said.
“Hyundai Motor India will build a prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car-sharing company, Revv,” said Y. K. Koo, MD and CEO, Hyundai Motor India Ltd, in a statement.
Revv has a presence in 11 cities, serving more than 300,000 users.