Revv raises Rs 100 Cr in series B funding led by Hyundai Motor

Revv, a car-sharing company, announced the company has secured Rs 100 cr in a Series B funding round led by Hyundai Motor, South Korea’s largest automaker, making Hyundai the first and only automotive company among Revv’s investors. 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.

Revv is amongst the largest car sharing platforms in India with a presence in 11 cities, serving more than 300,000 users. It aims to re-imagine the mobility solutions for users’ needs ranging from “few hours to few years”, to cater to the vast majority of Indians who do not own a car yet. Its products include hourly self-drive car sharing, one-way outstation car sharing and Switch – India’s first monthly car subscription program, where members enjoy all the benefits of car ownership without the hassle, upkeep and commitment.

With its strategic investment in Revv, Hyundai Motor gains its first foothold in the Indian car sharing market and is the only automotive company amongst Revv’s investors. 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 to transform people’s lives.