Revv, India’s fastest growing car-sharing platform, today announces the expansion of its services to four new cities, adding to its current footprint of eleven cities. These include three Tier-2 cities – Ahmedabad, Kochi and Mangalore. The fourth city is Kolkata, the only metro where Revv was not operating till now.
Another five cities will be operational before the end of this year, which will take Revv’s geographical footprint to 20 cities. This expansion will be accompanied with a corresponding increase in fleet size, and new one-way intercity routes.
This development comes close on the heels of their recent investment announcement where they secured INR 100 Cr in a Series B funding round led by Hyundai Motor, existing investors Edelweiss and Beenext, and new investors Dream Incubator, Sunjay Kapur of Sona BLW, and Telama Investment. Revv’s plan is to increase its geographical footprint to 30 cities in the next 12 months.
Co-founders of Revv said, “We are excited about the prospect of serving these cities. Each of them is unique in its own right. While Kochi is a tourism hub, Ahmedabad generates strong business travel to other cities such as Surat, Vadodara and Mumbai. Mangalore combines a strong base of young immigrants with high potential for tourism. With Kolkata, we are now present in all metros and all corners of the country.
We have seen great potential in Tier-2 markets, driven by the low penetration of car ownership, and increasing affluence and internet penetration. Tier-2 markets are catching up very fast – some of them are already approaching the scale where Tier-1 markets used to be 2-3 years back. The addition of these cities will also allow us to start offering our one-way intercity product on several new routes.”
This expansion will increase Revv’s capability to serve their increasingly mobile user base in every city of relevance. The core elements of the operating model from existing cities have been carried over to these new ones as well, for example, the doorstep delivery proposition and the use of ADAS (Advanced Driver Assistance System) technology to significantly improve the users’ safety.
Revv is amongst the largest car sharing platforms in India, having served more than 300 thousand users. It offers a wide range of cars, including hatchbacks, sedans, SUVs and MUVs. It aims to re-imagine the mobility solutions for users’ needs ranging from “few hours to a few years”, to cater to the vast majority of Indians who do not own a car yet. Its products include hourly self-drive car sharing, one-way outstation car sharing and Switch – India’s first monthly car subscription program, where members enjoy all the benefits of car ownership without the hassle, upkeep and commitment.
Founded by ex-McKinsey executives, Anupam Agarwal and Karan Jain, Revv started in July 2015, from Delhi-NCR. It has focused on innovation, continually challenging the status quo in self-drive mobility to suit it to the Indian consumer. At its inception, it introduced the concept of doorstep delivery in car sharing and followed it up with other innovations such as instant booking. It is currently amongst the largest car sharing platforms in India, and amongst the highest rated apps in the sector, globally.
Revv raised its Series A round of funding in November 2016, led by Hyundai Motor.
For more information, visit www.revv.co.in