Revv, an Indian car-rental startup, raised $14.3m in Series B funding.
The round, which brings total funding raised by the company to date to $23m, was led by Hyundai Motor Company with participation from Dream Incubator, Telama Investment and Sunjay Kapoor of auto component firm Sona BLW, as well as existing investors Edelweiss and Beenext.
Founded in 2015 by Anupam Agarwal (CEO) and Karan Jain (COO), Revv offers an on-demand car rental model similar currently active in 11 cities in India with a fleet of approx. 1,000 vehicles and 300,000 users served to date. The company is also launching several other innovations, including a car subscription program called Switch.
Revv intends to use the funds to expand to 30 cities over the next 18 months while growing the fleet to 12,000.
In the framework of a strategic partnership, Hyundai Motor Company and the company will develop an innovative car sharing service and conduct creative marketing activities in India. Hyundai Motor will explore ways to support Revv’s car sharing service, including the supply of car sharing products, the development of new mobility service platforms, and product marketing.