In a bid to easily enter the shared mobility market, CarDekho acquired Revv. The brand is going to merge it with the other offerings. CarDekho is going to offer Revv’s services, and it is going to be a part of its house of various brands. The house of brands offered by CarDekho includes BikeDekho, ZigWheels, InsuranceDekho, Gaadi.com, and many more.
According to the company, this deal is part of their broader goal. It is to offer the experience of a one-stop-automobile-focused ecosystem to every individual or customer.
‘As we are going to build a strong ecosystem of mobility solutions, the main focus of the company is to deliver a seamless and smooth customer experience across the country. This will empower the mobility needs of the upcoming young generation’, according to Amit Jain, the co-founder and CEO of the company. This statement was given by him in a press meeting.
About Revv
In 2015, Revv was launched. It is headquartered in Gurugram and offers self-drive car rentals across the country. The long list of investors in Revv includes Hyundai, Dream Incubator of Japan, Edelweiss, Beenext, and various others.
Revv is known to operate in a total of 22 cities across the country. It has a fleet of 3500+ cars. Revv was previously valued at an estimated cost of $138 million. This was during October 2019, as per Tracxn data, along with the back of $28.6 million in its funding.
‘With the expertise in shared mobility along with CarDekho’s technology prowess and the understanding of the Indian automobile customer, we are aiming to create new benchmarks. They are going to be flexible and affordable, along with technology-enabled mobility solutions, as per the founders of Revv in a press meeting.
Autotech unicorn CarDekho, during October, was reported to have seen a 46.3% jump when it came to their total income for FY23. However, it fell short of gaining profits.
In FY22, the company started showing the results of improvement along with some losses that were narrow as compared to the previous year. It has been positive about creating profit but at a consolidated level in FY24. However, it failed to achieve it in FY23.
