Hyundai Motor partners with Revv for car-sharing service

Sharing the same targets which are expanding an innovative car sharing service and conducting the creative marketing activities together in India, Hyundai has recently joined hands with Revv to venture into the car-sharing market as a part of the strategic partnership. 

This strategic investment and partnership will leverage both Hyundai Motor and Revv to build the technology necessary and the competency and for leading the future mobility market in India. 

Hyundai and Revv joined hands to venture into the car-sharing market

Indian auto market now is teaming with glowing and enthusiastic business opportunities. This is proved by impressive figures, in which, the exponential growth is expanding from Rs 6,285 crore in 2016 to Rs 10,475 crore in 2018. It comes as no surprise that it 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. 

Of all the users of car-sharing services, the millennials are heavy users who account for 35% of the total population of India, according to Hyundai. The market-growth potential for mobility services here is stronger than that of any other global market.

Speaking about the decision, Young Key Koo, managing director and CEO of Hyundai Motor India

“Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India. We are just about to step forward and expand our business into the future mobility with Revv. Hyundai Motor India will build a prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car-sharing company, Revv.”

Young Key Koo, managing director and CEO of Hyundai Motor India

Adding to this, Anupam Agarwal, co-founder at Revv 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.” 

“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.

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