Car-sharing e-commerce firm Revv raises $9 million via Series A equity, debt
An e-commerce shared mobility solutions company Revv announced on Wednesday that it has raised funds worth $9 million (nearly Rs 59.9 crore) across equity and debt.
The Series A equity funding was led by Edelweiss Private Equity while the debt funding was from financing partners such as Mahindra and Mahindra Financial Services and car leasing partner LeasePlan India, the company said in a press release.
“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," Revv's co-founders Anupam Agarwal and Karan Jain, said in a statement.
The company will use the fresh capital towards expanding into new cities, launching new products, and building proprietary technology to enhance customer experience.
Commenting on the funding, Edelweiss Private Equity managing partner Pranav Parikh, said in a release, "A vast majority of the two crore 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 utilisation of assets on the supply side.
Revv is a Delhi-NCR based company and was founded by ex-McKinsey executives Anupam Agarwal and Karan Jain in July 2015 who started out with car-sharing as its first product.
“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," cited the duo.