The India-based startup provides hourly, daily, weekly and monthly car rental services
Delhi-NCR based car rental solutions startup Revv has raised a US$9 million Series A equity and debt funding round. The equity round was led by Edelweiss Private Equity, while debt financing was provided by Mahindra & Mahindra Financial Services and car leasing partner LeasePlan India.
Revv will use the newly-raised capital to expand its services to other markets, as well as ramp up product development to address the untapped issues faced by users.
Founded 15 months ago by ex-McKinsey executives, Anupam Agarwal and Karan Jain, Revv began life as a car sharing service. The company, however, differentiates itself from other car rental services with its convenient hyperlocal delivery options: the company delivers and collects the rental cars from the driver’s doorstep, reducing time wastage in commute.Additionally, Revv’s rental time periods can cater to drivers who need it on a hourly, weekly or monthly basis.
The goal of its service is to give drivers the freedom to use a car as and when they need it without the obligation of owning one, and move towards a society of “shared mobility” solutions.
“The on-demand economy will challenge the traditional asset ownership models, which bred inefficiency on both the supply and demand side. A vast majority of the 2 crore (20 million) cars on Indian roads are under-utilised, while the demand for vehicles continues to be strong. We believe that Revv’s approach to creating use-case based products will meet customers’ needs without compromising the convenience and flexibility of owning the vehicle, while allowing for better utilization of assets on the supply side,” said Pranav Parikh, Managing Partner, Edelweiss Private Equity.
Image Credit: Revv
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