Hyundai Motor Company, South Korea’s largest automaker, has inked a partnership with Revv, one of India’s largest self-drive car sharing companies, to develop an innovative car sharing service and conduct creative marketing activities in India. The strategic partnership including Hyundai Motor’s investment to Revv sees innovative future mobility services gain the company’s first foothold in the Indian mobility market.
The strategic investment and partnership will enable both Hyundai Motor and Revv to build competency and the technology necessary for leading the future mobility market in India; an evolving market showing exponential growth, expanding from US$ 900 million (Rs 6,285 crore) in 2016 to US$ 1.5 billion (Rs 10,475 crore) in 2018, and projected to expand to US$ 2 billion (Rs 13,967 crore) by 2020. India’s 15,000 car sharing vehicles are expected to grow to 50,000 by 2020, and 150,000 by 2022.
The car-sharing company has secured Rs 100 crore in the series B funding led by Hyundai Motor.
Furthermore, millennials, who are heavy users of car sharing services, comprise 35 percent of the total population of India. The market growth potential for mobility services is stronger than that of any other global market.
“Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India,” said Young Key Koo, managing director and CEO of Hyundai Motor India. “We are just about to step forward and expand our business into the future mobility with Revv. Hyundai Motor India will build prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car sharing company, Revv.”
Hyundai Motor, which is the only automotive company among Revv’s investors, 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. This will allow Indian consumers to experience Hyundai Motor’s vehicles in diverse ways.
“The mobility industry is going through a dramatic shift globally, with the bulk of the innovation still to come. We want to be at the forefront of creating innovative solutions that can meaningfully shape this shift, and Hyundai Motor will play a crucial part in this mission,” said Anupam Agarwal, co-founder at Revv. “Hyundai Motor is a household name in India and we are delighted to have them join us on our journey. With their deep understanding of Indian consumers and their progressive stance on tech-driven mobility solutions, this partnership will bring us closer to achieving our vision in the mobility market,” said Karan Jain, co-founder of Revv.
Revv will use the freshly infused funds to expand its product offerings for both long-duration and on-demand use cases, strengthen its technology team and build brand awareness. It also plans to increase its geographical footprint to 30 cities during the next 12 months.