Hyundai Motor Company on August 20th, 2018 announced its partnership with Revv. Revv is India’s fastest growing self-drive car sharing company. It wants to develop an innovative carsharing service and conduct creative marketing activities in India. Hyundai Motor’s partnership with Revv sees innovative future mobility services gain the company’s first foothold in the Indian mobility market.
The strategic investment and partnership will allow Hyundai and Revv to build competency and the technology necessary for leading the future mobility market in India. This is considered an evolving market showing exponential growth, expanding from USD 900 million in 2016 to USD 1.5 billion in 2018, and projected to expand to USD 2 billion by 2020. India’s 15,000 car-sharing vehicles are expected to grow to 50,000 by 2020, and 150,000 by 2022. Hyundai also says that millennials, who compromise about 35% of the total population, are heavy users of car-sharing services. The market growth potential for mobility services is stronger than that of any other global market.
“Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India,” said Young Key Koo, Managing Director, and CEO of Hyundai Motor India. “We are just about to step forward and expand our business into the future mobility with Revv. Hyundai Motor India will build a prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car-sharing company, Revv.”
“The mobility industry is going through a dramatic shift globally, with the bulk of the innovation still to come. We want to be at the forefront of creating innovative solutions that can meaningfully shape this shift, and Hyundai Motor will play a crucial part in this mission,” said Anupam Agarwal, Co-Founder at Revv. “Hyundai Motor is a household name in India and we are delighted to have them join us on our journey. With their deep understanding of Indian consumers and their progressive stance on tech-driven mobility solutions, this partnership will bring us closer to achieving our vision in the mobility market,” said Karan Jain, Co-Founder of Revv.
Founded by ex-McKinsey executives, Anupam Agarwal and Karan Jain, Revv started in July 2015, from Delhi-NCR. It is currently amongst the largest carsharing platforms in India and is also the global pioneer of an e-commerce-like approach to carsharing, whereby the car gets delivered to the users’ doorstep. Revv is also behind several other innovations, including launching India’s first car subscription program – Switch. During the past – 3 years, Revv has grown its presence to 11 cities, serving more than 3 Lac users.
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