<article>Car-sharing startup <a href="https://www.dealstreetasia.com/?s=Revv" target="_blank" rel="noopener">Revv</a> on Thursday announced that it has secured Rs 100 crore (about $14 million) in a Series B funding round led by <a href="https://www.dealstreetasia.com/?s=Hyundai Motor" target="_blank" rel="noopener">Hyundai Motor</a>, South Korea’s largest automaker.</article>

Car-sharing startup <a href="https://www.dealstreetasia.com/?s=Revv" target="_blank" rel="noopener">Revv</a> on Thursday announced that it has secured Rs 100 crore (about $14 million) in a Series B funding round led by <a href="https://www.dealstreetasia.com/?s=Hyundai Motor" target="_blank" rel="noopener">Hyundai Motor</a>, South Korea’s largest automaker.
The company&#8217;s existing investors Edelweiss and Beenext also participated in the round alongside new investors including Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment, it said in a statement.
The announcement comes three days after Hyundai, in a separate statement, said that it has invested in Revv, without disclosing the amount. 
As part of a strategic partnership, both companies will work together to develop car-sharing products and new mobility service platforms, it said.
With its strategic investment in Revv, Hyundai Motor gains its first foothold in the Indian car-sharing market and is the only automotive company among Revv’s investors, Revv said in its statement.
The company will use the freshly infused funds to expand its product offerings for both long-duration and on-demand use cases, strengthen its technology team and build brand awareness. It also plans to increase its geographical footprint to 30 cities during the next 12 months.
“India is unlike other developing countries of comparable size, with its unusually low levels of car ownership. Two per cent Indians own cars – the same number in China and US is 20% and 80%, respectively. For the other 98%, cabs solve the problem of going from point A to B, but almost every other need that a personal car would serve is an unsolved problem. For example, having a car for a travel-heavy day, or having it for a few months on a temporary outstation assignment, or even having it for several years in an affordable and flexible manner, which is not possible with conventional solutions. This is the white space that we aim to fill. This is about truly democratising 4W mobility, and taking India’s 2% car ownership to 50% car access,&#8221; Revv co-founders said.
Founded by ex-McKinsey executives Anupam Agarwal and Karan Jain in July 2015, Gurugram-based Revv has a presence in 11 cities, serving more than 300,000 users. Its products include hourly self-drive car sharing, one-way outstation car sharing and Switch, a monthly car subscription program, where members enjoy all the benefits of car ownership without the hassle, upkeep and commitment.
Revv raised its Series A round of funding in November 2016, led by Edelweiss Private Equity.

The company's existing investors Edelweiss and Beenext also participated in the round alongside new investors including Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment.

Car-sharing startup Revv raises $14m led by Korean automaker Hyundai

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Car-sharing startup Revv raises $14m led by Korean automaker Hyundai

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