Revv is coming to Kochi along with three other cities
Revv, the car sharing platform is coming to Kochi. It is as per their plan to expand their services to four new cities making their presence in 15 cities of the country. Three other are Ahmedabad, Mangalore and Kolkata. The company is already operating other Metro cities already.
The company also plan to start operations in another five cities by the end of 2018. The fleet of vehicles will also be increased in accordance with the expansion programme. There are also plans to have new one-way intercity routes.
The expansion programmes expected to be materialized as per plans, as the company has secured Rs 100 crore in a Series B funding round led by Hyundai Motor, existing investors Edelweiss and Beenext and new investors Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment. Once the things will work out as per plans, Revv will have their presence in 30 cities in the next 12 months.
The four cities selected have their own potentials to be successful business centers as expected by the company. While Kochi is a tourism hub, Ahmedabad generates strong business travel to other cities such as Surat, Vadodara and Mumbai. Mangalore combines a strong base of young immigrants with high potential for tourism. With Kolkata, Revv’s presence will be there in all metro cities.
The company sees lot of potential in Tier-2 markets, due to decreased number of car ownership and large scale usage of internet based services. Revv has served more than 300,000 users in India so far. It offers a range of cars, including hatchbacks, sedans, SUVs and MUVs.
The company is also planning to offer annual subscription-based products and on-demand cars. Currently it offers hourly rental, outstation and monthly-subscription products. According to co-founder Karan Jain, leisure currently accounts for nearly 70 per cent of its usage, with the remaining coming from work-related usage.
Gurgaon-based Revv was founded by ex-McKinsey executives — Anupam Agarwal and Karan Jain, in July 2015