Hyundai India has joined hands with Revv, one of India's fastest growing self-drive car sharing company to develop an innovative car sharing service and conduct creative marketing activities in India. According to the official statement released by Hyundai, the company's 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. However, the financial figures related to the deal have not been disclosed.
Speaking on their new relation, Managing Director and CEO of Hyundai Motor India, YK Koo said “Hyundai has been in the process of exponential growth, emerging as one of the market leaders in the country. Koo believes that the new partnership will boost the business opening them to new markets and a range of customers. It is fast becoming obvious that the millennial market isn’t interested in ownership of cars, with one Google Waymo executive prophesying a future where mobility will be a service offered as a package with other products. Obviously, it will be a while before we see such drastic changes in India, although, it is interesting to see the grassroots of a new kind of vehicle sharing market starting even in India.”
Sharing his views about the joint venture, Karan Jain, Co-Founder of Revv said, “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.”
“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.
Currently, the Indian ride-sharing market is estimated to be 15,000 vehicles strong, although, experts estimate that this number could triple as early as 2020 with 50,000 cars to be in use as sharing cars. Looking at the increasing trend of renting self-drive cars in the country rather than owning one, the number is expected to hit a 150,000 by 2022. At present, millennials make up 35 per cent of the total population in the Country. Hence, Revv, who now have the countries’ largest manufacturer on their list of investors, will be looking forward to benefit from the company’s corporate muscle including the supply of car sharing products, the development of new mobility service platforms, and product marketing.
Apart from this, Hyundai currently exports to around 88 countries across Africa, Middle East, Latin America, Australia and Asia Pacific and has also been enhancing its mobility services in major locations worldwide. Hpwever, Hyundai is not the only ones taking a foothold in the ride-sharing space. Mahindra has long been partnered with Zoomcar and has similar plans to expand into the ride-sharing space. Stay tuned to V3cars.com for further updates on the future initiatives by Hyundai India in the country.