Delhi-NCR based shared mobility solutions platform Revv today
announced that it has raised USD 9 Mn of funds, across equity and debt. Series
A equity funding was led by Edelweiss Private Equity, and debt funding from
financing partners such as Mahindra & Mahindra Financial Services and car
leasing partner LeasePlan India.
announced that it has raised USD 9 Mn of funds, across equity and debt. Series
A equity funding was led by Edelweiss Private Equity, and debt funding from
financing partners such as Mahindra & Mahindra Financial Services and car
leasing partner LeasePlan India.
Angel Investors like Gautam Kumra (recently elected India MD of
McKinsey & Company), Rajat Dhawan (Mentor to McKinsey’s automotive
practice) and Ananth Narayanan (CEO of Myntra) have already invested in the
startup.
McKinsey & Company), Rajat Dhawan (Mentor to McKinsey’s automotive
practice) and Ananth Narayanan (CEO of Myntra) have already invested in the
startup.
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| (L-R) Karan Jain, Co-founder & COO and Anupam Agarwal, Co-founder & CEO of Revv |
Founded by ex-McKinsey executives, Anupam Agarwal and Karan
Jain, Revv started out with car-sharing as its first product, and has spent the
last 15 months in establishing it as a mainstream mobility option, while building
a profitable and scalable business model around it. The company has combined an
innovative asset-light sourcing approach with its unique delivery model to make
the customer experience seamless yet highly affordable.
Jain, Revv started out with car-sharing as its first product, and has spent the
last 15 months in establishing it as a mainstream mobility option, while building
a profitable and scalable business model around it. The company has combined an
innovative asset-light sourcing approach with its unique delivery model to make
the customer experience seamless yet highly affordable.
Talking about the developments, Anupam Agarwal and Karan Jain of
Revv said, “We have witnessed a continuous uptick in the acceptance of our
first product (car-sharing), with very encouraging repeat rates. More than half
of our revenues come from repeat users. Users are realising that a combination
of hired mobility options can be a true and practical alternative to owning a
car.”
Revv said, “We have witnessed a continuous uptick in the acceptance of our
first product (car-sharing), with very encouraging repeat rates. More than half
of our revenues come from repeat users. Users are realising that a combination
of hired mobility options can be a true and practical alternative to owning a
car.”
The number of people giving up traditional asset ownership is
set to grow exponentially. The rise of taxi-hailing apps has been an important
market-creator, weaning people away from traditional car ownership. The key
would be to address the highly varied needs of a shared-mobility user, through
a suite of products tailored for each need. For example, a weekend leisure
trip, or mobility in a new city where one has relocated for a 3-month project,
or a one-way outstation trip for work, or continuous availability of a car, but
with the flexibility to turn it on/off at will.
set to grow exponentially. The rise of taxi-hailing apps has been an important
market-creator, weaning people away from traditional car ownership. The key
would be to address the highly varied needs of a shared-mobility user, through
a suite of products tailored for each need. For example, a weekend leisure
trip, or mobility in a new city where one has relocated for a 3-month project,
or a one-way outstation trip for work, or continuous availability of a car, but
with the flexibility to turn it on/off at will.
“Our ambition is to change India’s ‘2% car ownership
penetration’ to ‘50% car usage penetration’, with a vast majority of urban
Indians getting affordable access to safe and comfortable mobility. We want to
be accessible in almost every million-plus city in India. A substantial part of
the funds will go towards building technological capabilities on two-sided
sharing platforms, predictive inventory management, dynamic pricing and driver
behavior monitoring”, they further added.
penetration’ to ‘50% car usage penetration’, with a vast majority of urban
Indians getting affordable access to safe and comfortable mobility. We want to
be accessible in almost every million-plus city in India. A substantial part of
the funds will go towards building technological capabilities on two-sided
sharing platforms, predictive inventory management, dynamic pricing and driver
behavior monitoring”, they further added.
Pranav Parikh, Managing Partner, Edelweiss Private Equity said,
“The on-demand economy will challenge the traditional asset ownership models,
which bred inefficiency on both the supply and demand side. A vast majority of
the 2 crore cars on Indian roads are under-utilized, while the demand for
vehicles continues to be strong. We believe that Revv’s approach to creating
use-case based products will meet customers’ needs without compromising the
convenience and flexibility of owning the vehicle, while allowing for better utilization
of assets on the supply side. We are pleased to be part of its promising growth
story, led by entrepreneurs who are focused on aggressive yet profitable
execution.”
“The on-demand economy will challenge the traditional asset ownership models,
which bred inefficiency on both the supply and demand side. A vast majority of
the 2 crore cars on Indian roads are under-utilized, while the demand for
vehicles continues to be strong. We believe that Revv’s approach to creating
use-case based products will meet customers’ needs without compromising the
convenience and flexibility of owning the vehicle, while allowing for better utilization
of assets on the supply side. We are pleased to be part of its promising growth
story, led by entrepreneurs who are focused on aggressive yet profitable
execution.”
