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Revv raises Series A round of funding of USD 9 Million led by Edelweiss Private Equity

revv funding edelwiess
Revv is looking to change India’s ‘2% car ownership penetration’ to ‘50% car usage penetration’

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Revv raises Series A round of funding of USD 9 Million led by Edelweiss Private Equity

Revv today announced another round of funding it has managed to raise, led by Edelweiss Private Equity. The Delhi-NCR based shared mobility solutions platform raised USD 9 Mn with debt funding from financing partners such as Mahindra & Mahindra Financial Services and car leasing partner LeasePlan India.

In the last 15 months Revv has managed to scale its operations across four cities and intends to utilise the freshly raised capital to expand into newer markets, to build on technology to enhance user-experience and to create new products in the untapped segment that have the potential to become main-stream.

People have been crawling away from the traditional car-ownership which was fanned by the rise of taxi-hailing apps. They key now would be to create models for specific needs in the shared-mobility segment. For example, those going on weekend trips or one-way outstation trips, someone relocating for a period of only a few months and the flexibility of turning on or off the car usage and availability at will.

Speaking on the announcement, 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.” They further added, “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.”

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