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Revv Cars

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Revv CarsRevv Cars
Type
Car rental
IndustryCar rental, Leisure, Travel and Tourism
Founded 📆Gurgaon, India (2015)
Founder 👔Anupam Agarwal, Karan Jain
Area served 🗺️
India
Members
Number of employees
Websitewww.revv.co.in
address
telephone

Revv Cars is an Indian car sharing platform, with a doorstep delivery operating model. The Gurgaon based company was founded by ex-McKinsey executives, Anupam Agarwal and Karan Jain in July 2015. [1]

Revv provides cars rental on hourly basis. Apart from this, Revv has long term car subscription service – OPEN for rental from 3-48 months. Under OPEN, Revv also provides new cars. [2]

History[edit]

Revv founders Anupam & Karan were both former McKinsey employees (citation needed) Anupam studied at (IIM - Calcutta) and came from a vast experience of hardcore execution at automotive manufacturing plants & OEM product development. Karan, hailing from (IMI - Delhi) had a similar role in Oil & Gas plants.[3]

Incorporated on 28th May, 2015, Revv officially began operations on 27th July, with a fleet of 9 cars in the Delhi/NCR region. The operations expanded to Hyderabad in November 2015 and to Bengaluru in January 2016. From there, the company has continued to expand its geographical coverage and now operates across 22 cities within India i.e. Delhi/NCR, Bengaluru, Hyderabad, Chennai, Mumbai, Pune, Kolkata, Ahmedabad, Mangalore, Chandigarh, Jaipur, Vizag, Kochi, Coimbatore, Mysore, Tirupati, Vijayawada, Trivandrum, Surat, Nagpur, Bhubaneswar and Vadodara, with over 3500+ cars. [4]

Investors[edit]

Revv raised their seed funding from a group of McKinsey Partners in June’15. The Series A funding round was led by Edelweiss Private Equity in November’16, and the Series B round was led by Hyundai Motor Corporation in August’18. Other investors include Edelweiss, Beenext Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment.[5]

Competition[edit]

Zoomcar was founded in Bangalore, Karnataka in the year 2012.[6]

Volercars founded in 2010, headquartered in Delhi.[7]

Drivezy founded in 2014, having its headquarters in Bangalore, Karnataka.[8]

Partnerships[edit]

In 2018, Hyundai entered a car-sharing partnership with Revv, providing a subscription-based ownership model to customers across the country. [9] In 2019, Mahindra & Mahindra and Revv entered into a similar partnership to provide Mahindra’s SUVs on subscription. [10] Revv partnered with Mobileye in 2017 to install advanced driver assistance systems in their cars that has red¬uced accidents and casualties by 70%. [11]

References[edit]

  1. "Car rental start-up Revv to offer subscription-based products".
  2. "Revv launches car ownership platform OPEN". 28 November 2018 – via economictimes.
  3. "Revv - Self Driven Cars, Delivered to Your Doorstep!". 24 May 2016 – via BusinessWorld.
  4. "Revv to expand operations in Tier 2 cities". 10 Oct 2018 – via economictimes.
  5. "Revv" – via crunchbase.
  6. Abudheen, Sainul (2 October 2013). "Self-drive car rental service Zoom secures over $1.6M in seed funding led by New York-based Empire Angels" – via inc42.
  7. Staff, Inc42 (28 June 2016). "Self Drive Car Rental Startup Voler Cars Raises Funding" – via vccircle.
  8. "Website" – via Drivezy.
  9. Russell, Jon (23 August 2018). "Hyundai leads $14.3M investment in Indian car rental startup Revv" – via techcrunch.
  10. Mahadevan, S (13 September 2019). "Mahindra rolls out subscription-based car ownership model in partnership with Revv" – via thenewsminute.
  11. "Revv partners with Mobileye to make its cars safer". 1 November 2017 – via business-standard.

External links[edit]


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