Self-drive car rental startup Revv raises $9 million
Advertisement
PrimeMover Mobility Technologies, a Gurugram based startup, which owns and operates self-drive car rental platform Revv , has raised $9 million in equity and debt financing.
According to an official statement released by the company, the proceeds from Series A round will be used for launching its services in fresh markets , develop new products, and to come up with proprietary technology to enhance customer experience.
The financial terms of the transaction were not disclosed, but it follows the Rs 160 crore raised by bigger rivalZoomcar in a round led by Ford Smart Mobility, a subsidiary of Ford Motor Company , earlier in August.
"The number of people giving up traditional assownership is set to grow exponentially. The rise of taxi-hailing apps has been an important market-creator, weaning people away from traditional car ownership. The key would be to address the highly varied needs of a shared-mobility user, through a suite of products tailored for each need,"Anupam Agarwal , co-founder, Revv said in a statement.
According to the press release, a major amount used for developing technological capabilities on two-sided sharing platforms, predictive inventory management, dynamic pricing and driver behaviour monitoring.
The funding round is a mix of equity and debt funding, the latter from financing partners such as Mahindra & Mahindra Financial Services; and vehicle leasing from LeasePlan India .
"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," saidPranav Parikh , managing partner, Edelweiss Private Equity .
Revv is currently present in four cities across the country - Delhi NCR,Bengaluru , Hyderabad and Chandigarh.
Advertisement
According to an official statement released by the company, the proceeds from Series A round will be used for launching its services in fresh markets , develop new products, and to come up with proprietary technology to enhance customer experience.
The financial terms of the transaction were not disclosed, but it follows the Rs 160 crore raised by bigger rival
"The number of people giving up traditional assownership is set to grow exponentially. The rise of taxi-hailing apps has been an important market-creator, weaning people away from traditional car ownership. The key would be to address the highly varied needs of a shared-mobility user, through a suite of products tailored for each need,"
According to the press release, a major amount used for developing technological capabilities on two-sided sharing platforms, predictive inventory management, dynamic pricing and driver behaviour monitoring.
Advertisement
"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
Revv is currently present in four cities across the country - Delhi NCR,
Advertisement
- RBI Governor Das discusses ways to scale up UPI ecosystem with stakeholders
- People find ChatGPT to have a better moral compass than real humans, study reveals
- TVS Motor Company net profit rises 15% to ₹387 crore in March quarter
- Canara Bank Q4 profit rises 18% to ₹3,757 crore
- Indegene IPO allotment – How to check allotment, GMP, listing date and more
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market