By Jon Russell
Korean automaker Hyundai is jumping into India’s on-demand mobility space after it led a $14.3 million investment in car-rental startup Revv.
Hyundai, which is the second largest seller of cars in India, initially announced an undisclosed investment in Revv this week, but now the startup has confirmed that the capital is part of a larger 100 Crore INR (~$14.3 million) Series B round.
Other investors in the round include Japan’s Dream Incubator, Telama Investment and Sunjay Kapoor of auto component firm Sona BLW. Existing investors Edelweiss and Beenext also took part in the deal, which takes Revv to $23 million raised from investors, according to data from Crunchbase.
Revv was founded in 2015 and it offers on-demand car rentals using a model similar to Zipcar in the U.S. The startup is currently active in 11 cities in India with a fleet of around 1,000 vehicles. It claims to have served 300,000 users to date. One of its hallmarks is doorstep delivery and collection from customers, which eschews the usual process of designated collection and return locations.
In an interview with TechCrunch, Revv co-founders Anupam Agarwal (CEO) and Karan Jain (COO) said the plan is to expand …read more
Source: Tech Crunch