Shared mobility platform Revv secures $9 Mn

Delhi-based shared mobility solutions platform Revv has secured $9 Mn in series A round led by Edelweiss Private Equity, and debt funding from financing partners such as Mahindra & Mahindra Financial Services and car leasing partner LeasePlan India. The fundings will be used launch its services in newer markets, create new products to address untapped and potentially mainstream use-cases, and to build proprietary technology to enhance customer experience.

Founded by ex-McKinsey executives, Anupam Agarwal and Karan Jain, Revv started out with car-sharing 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.

Commenting on the funding, 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.”

“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 added.