Revv raises Rs 100cr in Series B led by Hyundai Motor

Revv’s existing investors Edelweiss and Beenext also participated in the round, with new investors Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment.ETtech  |  August 23, 2018, 12:45 IST
The funds will be used for new product development and research in the area of consumer robotics focussed on emotional and artificial intelligence.
The funds will be used for new product development and research in the area of consumer robotics focussed on emotional and artificial intelligence.

Car-sharing company Revv has raised Rs 100 Cr in a Series B funding round led by South Korean company Hyundai Motor. Notably, this is Hyundai Motor's first investment 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 artificial intelligence with the sharing economy.

Revv’s existing investors Edelweiss and Beenext also participated in the round, with new investors Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment.

Currently, Revv has a presence in 11 cities with than 300 thousand users, according to company’s statement. Its products include hourly self-drive car sharing, one-way outstation car sharing and Switch –a monthly car subscription program. 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 during the next 12 months.

“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. “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.”

“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, 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.

“Switch currently comprises almost 30% of our fleet. We believe that long-duration products similar to Switch could comprise anywhere between 50-70% of our fleet in future.”