India-based car sharing service Revv confirmed today that it has raised Rs 1bn ($14.3m) in a series B round led by automotive manufacturer Hyundai.
Business consulting and development firm Dream Incubator and financial services conglomerate Edelweiss also took part in the round, as did family office Telama Investment, venture capital firm Beenext and angel investor Sunjay Kapoor.
Revv operates an online platform where users can book vehicles for as little as an hour at a time, and the booking includes insurance and, if a customer requests, fuel. Hyundai initially announced its investment on Monday without giving specifics of the financial details.
The carmaker said it views the deal as part of a wider expansion of its mobility services in India, and invested in connection with a strategic partnership that will involve the companies collaborating on marketing and the creation of new mobility offerings.
Revv co-founder Anupam Agarwal 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.”
The company had previously raised $9m in debt and equity financing in December 2016. Edelweiss Private Equity led the equity portion of the round while the debt came from vehicle leasing firm LeasePlan India and Mahindra & Mahindra Financial Services, part of automotive group Mahindra & Madhindra.