[India], Oct 12 (ANI-BusinessWireIndia): Car-sharing platform Revv has announced expansion of its services to four new cities, adding to its current footprint of eleven cities.
The expansion includes three Tier II cities including Ahmedabad, Kochi and Mangalore. The fourth city is Kolkata, the only metro where Revv was not operating till now.
Another five cities will be operational before the end of this year, which will take Revv's geographical footprint to 20 cities. This expansion will be accompanied with a corresponding increase in fleet size, and new one-way intercity routes.
This development comes close on the heels of their recent investment announcement where they secured INR 100 Cr in a Series B funding round led by Hyundai Motor, existing investors Edelweiss and Beenext, and new investors Dream Incubator, Sunjay Kapur of Sona BLW, and Telama Investment. Revv's plan is to increase its geographical footprint to 30 cities in the next 12 months.
"We are excited about the prospect of serving these cities. Each of them is unique in its own right. 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, we are now present in all metros and all corners of the country," said co-founders of Revv.
"We have seen great potential in Tier-2 markets, driven by the low penetration of car ownership, and increasing affluence and internet penetration. Tier II markets are catching up very fast - some of them are already approaching the scale where Tier-1 markets used to be two to three years back. The addition of these cities will also allow us to start offering our one-way intercity product on several new routes," added the co-founders.
This expansion will increase Revv's capability to serve their increasingly mobile user base in every city of relevance. The core elements of the operating model from existing cities have been carried over to these new ones as well, for example, the doorstep delivery proposition and the use of ADAS (Advanced Driver Assistance System) technology to significantly improve the users' safety.
It aims to re-imagine the mobility solutions for users' needs ranging from "few hours to a few years", to cater to the vast majority of Indians who do not own a car yet. Its products include hourly self-drive car sharing, one-way outstation car sharing and Switch - India's first monthly car subscription program, where members enjoy all the benefits of car ownership without the hassle, upkeep and commitment. (ANI-BusinessWireIndia)