Delhi-based self-driving car rental startup, Revv has raised $9 million in Series A equity funding led by Edelweiss Private Equity, and debt funding from financing partners such as Mahindra & Mahindra Financial Services and car leasing partner LeasePlan India.
The company plans to use the investment for expanding into new cities, launching new products and investing in technology for customer experience.
Founded in 2015 by Anupam Agarwal and Karan Jain, both formerly with McKinsey, Revv follows an e-commerce-like approach to car-sharing, claiming to deliver 100% of their bookings to users’ doorstep, and not hold any customer-facing parking lots. It is currently present in four cities across the country – Delhi-NCR, Bengaluru, Hyderabad, and Chandigarh.
Speaking on the development, 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.”