Automobile manufacturing multinational company of South Korea, Hyundai Motors, has partnered with self-drive car rental startup Revv in a bid to create innovative car sharing services in India, reads a statement released by the automobile major.
The partnership will help both Hyundai and Revv in building necessary technology in order to be at the forefront in India’s fastest growing mobility market in the future, added the statement.
The demand for car sharing services over the last couple of years has rapidly grown in the country. Car sharing market is pegged to grow to $1.5 billion at the end of 2018 which in 2016 was around $900 million.
Revv is a Delhi based company that facilitates self-drive car rentals across Bangalore, Hyderabad, Chennai, Mumbai, Delhi, Gurgaon, Chandigarh, Jaipur, Mysore, Coimbatore, etc
Former McKinsey duo Anupam Agarwal and Karan Jain laid the foundation of Revv in the July month of 2015. The car rental provider so far has received four rounds of funding amounting to a total of $9 millions from five investors.
Earlier, the country’s largest online retail store Flipkart had announced the acquisition of Liv.ai, an AI startup company based in Bangalore, Karnataka.