Hyundai has inked a partnership with Revv car sharing service. The two companies aim to develop an innovative car sharing service and conduct creative marketing activities together in India. Hyundai Motor’s investment in Revv sees the company gain its first foothold in the Indian mobility market through innovative future mobility services.
The strategic investment and partnership will enable both Hyundai Motor and Revv to build competency and the technology necessary for leading the future mobility market in India. It is an evolving market showing exponential growth, expanding from Rs 6,285 crore in 2016 to Rs 10,475 crore in 2018; and is projected to expand to Rs 13,967 crore by 2020. India’s 15,000 car sharing vehicles are expected to grow to 50,000 by 2020, and 1,50,000 by 2022.
Furthermore, millennials – who are heavy users of car sharing services – make up 35 percent of the total population of India. The market-growth potential for mobility services here is stronger than that of any other global 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 prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car sharing company, Revv.”
Hyundai Motor is the only automotive company among Revv’s investors and will explore ways to support Revv’s car sharing service – including supply of car sharing products, the development of new mobility service platforms, and product marketing. This will give Indian consumers a diverse experience with Hyundai’s vehicles.
“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,” said Anupam Agarwal, co-founder at Revv. “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.