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Hyundai and Revv partner up for growth in the self-drive car sharing market

Hyundai India and India’s fastest growing self-drive car sharing and rental company Revv have announced a partnership to develop services and marketing strategies in India. Revv is a self-drive car rental and sharing platform based in a number of cities in India, 11 to be precise. Revv was founded by Anupam Agarwal and Karan Jain in July 2015 and have a user base of more than three lakh customers in a mere three years.

The partnership is aimed at enhancing their presence and technological development for both companies in the growing car rental industry. The companies say that millennials are heavy users of these sort of services by Revv, and makeup of 35 percent of the population in India. This would make India potentially the strongest market growth for mobility services that would be developed due to this partnership.

The numbers are staggering when considering the market growth of car sharing. Expansion numbers went from US$ 900 million (Rs 6,300 crore) in 2016 to US$ 1.5 billion (10,500 crore) in 2018 and a projected growth of US$ 2 billion (Rs 14,000 crore) by 2020. In India, the number of shared vehicles stands at 15,000 units and is expected to grow to 50,000 units by 2020. By the year 2022, the projected number of shared vehicles in the country would be 1.5 lakh. That is quite a huge jump in units, and only time will tell whether we would see such a number in the next four years.

Hyundai and Revv partner up for growth in the self-drive car sharing 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.”

Anupam Agarwal, Co-Founder at Revv, said, “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,”

“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.

Story: Zal Cursetji

 

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