#Asia Indian car rental firm Revv to soon raise around US$10M: sources

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Founded by ex-McKinsey executives, earlier this year Revv had raised seed funding from angel investors including 10 Directors and Partners from McKinsey

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Self-drive car rental company Revv is close to raising around US$10 million, sources close to the development told e27.

The Delhi-based startup is in advanced stages of discussion with potential investors, all of whom are global VC firms.

The amount and terms for the latest round of funding are expected to be finalised by the end of the month, the sources said.

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Revv Co-founders Anupam Agarwal and Karan Jain confirmed with e27 that they are in the middle of investor discussions, but refused to comment on the amount and timing of the round.

“Funding discussions are a normal and ongoing thing for most startups at this stage. We have already grown to a fleet of around 80 cars in the last three months of operations while maintaining very healthy operating and financial metrics. We plan to have 300+ cars by December 2015, and the fresh round of funding will help us hit the 2,000-car mark by July 2016,” Jain said.

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The company plans to invest heavily in developing world-class technology to enhance customer experience and operations, marketing activities and rapidly increasing its fleet size.

As a means of broadening its concept of rented mobility solutions, it is considering the addition of premium bikes and recreational vehicles to its fleet.

It is also planning to launch an on-demand variant of its doorstep delivery services, whereby the cars can arrive at the customer’s doorstep within 30 minutes of the booking.

At present, Revv operates in the Delhi area with around 80 cars and plans to increase its fleet size to around 2,000 in all major cities in the next one year.

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Revv competes with Bangalore-headquartered self-drive rent-a-car booking company Zoomcar, which recently secured US$11 million in fresh funding from Sequoia Capital, Empire Angels and NGP Advisors India.

It also competes with Myles, a self-drive service offered by Carzonrent India Pvt Ltd, which began operations in 2013. Myles now has a fleet of over 1,200 cars and 200 locations with a presence in 21 cities.

Revv, founded by ex-McKinsey executives Agarwal and Jain, started operations in July with its first round of funding from Ananth Narayanan, the newly hired CEO of Myntra, CEO of DEN Online, and more than 10 Directors and Partners from McKinsey.

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Revv claims to be the pioneer in the doorstep-delivery concept in self-drive car rentals. All of its bookings are delivered to and picked up from customers’ address.

The car delivery executives use a foldable electric scooter that fits in the boot of the car, and becomes a cost-effective, quick and environment-friendly way of getting back to the parking hubs.

The post Indian car rental firm Revv to soon raise around US$10M: sources appeared first on e27.

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