Car-sharing start-up Revv raises Rs 1 bn in fresh funding led by Hyundai

Car-sharing start-up Revv on Thursday said it has raised Rs 1 billion (Rs 100 crore) in a new funding round led by South Korean auto major Hyundai Motor.     

Revv's existing investors Edelweiss and Beenext also participated in the Series B round, along with new investors Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment, the company said in a statement. 

Hyundai is the only automotive company among Revv's investors and the investment gives the automaker its first foothold in the Indian car-sharing market. 

Hyundai Motor India Ltd Managing Director and CEO Y K Koo said: "We are just about to step forward and expand our business into the future mobility field with Revv."

He further 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."

With an aim to create self-drive mobility products tailored for Indian consumers, Revv was founded in July 2015 by ex-McKinsey executives, Anupam Agarwal and Karan Jain.

The company will use the freshly infused funds to expand its product offerings for both long-duration and on-demand use cases.

Besides, the funds will also be used to strengthen technology team and build brand awareness, it added.

Revv also plans to increase its geographical footprint to 30 cities during the next 12 months from the current 11 cities.

Edelweiss Private Equity Managing Partner and Head Pranav Parikh said the strategic investment by Hyundai validates the belief in innovation and execution performance shown by Revv.

"This partnership further strengthens Revv's capabilities and the growth trajectory in India while opening up avenues for global partnerships through Hyundai's network," he added.