CarDekho Group, which operates automobile e-marketplace CarDekho, two-wheeler platform ZigWheels, and lendingtech platform Rupyy, among others, has picked up a majority stake in Gurugram-based Revv, marking its foray into the shared mobility space.
As part of the deal, Jaipur-based CarDekho Group will merge Revv with the rest of its offerings.
However, the financial terms of the deal were not disclosed.
Launched in 2015 by former McKinsey executives Karan Jain and Anupam Agarwal, Revv is a platform which offers shared car rental services. It counts South Korean automaker Hyundai and its affiliate Kia Motors, Edelweiss, and Beenext as its investors.
As per Tracxn data, the startup has raised $28.6 Mn in total funding till date. The cumulative fundraise accounts for six funding rounds, with participation from 34 investors.
Revv said in a statement that its focus on flexibility, affordability and a wide network spanning across India aligns perfectly with CarDekho’s goal to make shared mobility an integral part of the mobility landscape.
“With our expertise in shared mobility and CarDekho’s technology prowess and understanding of the Indian automobile customer, we aim to set new benchmarks in flexible, affordable, and technology-enabled mobility solutions,” said Jain and Agarwal in a joint statement.
Founded in 2008 by siblings Amit Jain and Anurag Jain, CarDekho started as a car discovery platform for both new and old four-wheelers. The unicorn counts Peak XV Partners (formerly known as Sequoia India), Leapfrog, Hillhouse Capital, CapitalG and Ratan Tata Trust as among its marquee investors.
“Through strategic integration of technology, we are not just evolving our services but also ensuring more seamless operations. The merger with Revv allows us to offer shared mobility services addressing the evolving needs of Gen-Z customers,” said Amit Jain.
CarDekho Group reported an increase in its consolidated operating revenue by about 1.5X to INR 2,331 Cr in the financial year 2022-23 (FY23) from INR 1,600 Cr in the previous fiscal year.
The rise in the revenue came after it announced plans to invest $100 Mn in its fintech subsidiary Rupyy, in a mix of debt and equity to scale up the NBFC business.
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