Hyunday, Korean automaker, is investing USD 14.3 million in a car-rental start-up Revv. Hyunday, which is the second largest seller of cars in India, didn’t announce the value of the investment, but now it has confirmed that in part of a larger than EUSD 14.3 million, according to Techcrunch.
Other investors in Revv are Japan’s Dream Incubator, Telama Investment and Sunjay Kapoor. Existing investors are Edelweiss and Beenext and they also took part in the deal, which takes Revv to a total of USD 23 million.
Revv was founded in 2015 and it offers car rentals, being active in 11 cities in India with a fleet of around 1,000 vehicles. It claims to have served 300,000 users to date with its doorstep delivery and collection from customers.
Anupam Agarwal, CEO of Revv, said in an interview with TechCrunch that it plans to expand to 30 cities over the next 12-18 months while growing the fleet to 10,000-12,000 cars. They also said that an agreement with Hyunday to provide vehicles was not made, but it maight be reached in the future.
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