In recent years, we have seen many car manufacturers enter the world of vehicle hire, and this week is no different!
It appears that Korean automaker, Hyundai, are the latest to do so, investing a substantial £12.3M in Indian-based startup; Revv.
Wanting a slice of the on-demand mobility market, Hyundai played a huge role in the company’s Series B round, being a prominent investor that will have a huge bearing on the startup’s success. Hyundai was also joined by Japan’s Dream Incubator, Telama Investment and Sunjay Kapoor of BLW. Together, the investors will help Revv stay on track and achieve their goal. According to a recent interview, Revv wishes to enter the international market, expected to be hiring cars in more than 30 cities over the next 12-18 months. Revv also have plans to add to their ever-growing fleet, wanting a 12000-strong collection available for hire. However, this is far from the state of the business at present. Today, Revv operates in 12 Indian cities, working with a fleet of just one thousand cars.
However, with 300,000 users to date, Revv are confident that with the right investors they can meet their objectives.
Ahead of the investment, the Revv co-founders said the following:
“We are looking at innovative business models that we can take to the consumer,”
“We understand that the traditional model of car ownership will be diluted and alternative options of accessible mobility will be the norm.”
“Cabs solve point A to B in 40 minutes, but every other need is still a largely unsolved problem in this country. India is unique [and the need for] mobility solutions is far higher because 98 percent of people don’t own cars,” they added.
Let us know what you think, with competitors like Ola and Uber, is there any room for Revv?