Revv raised its Series A round of funding in November 2016 from Edelweiss Private Equity, and since then, have added Mumbai, Pune, Chennai, Jaipur and Vishakapatnam to their geographical footprint.
Speaking at the launch, co-founders of Revv said, “Mainstream adoption of shared mobility will increasingly depend upon an ecosystem of services coming together, which collectively cater to the full set of needs of a person who wants to adopt a lifestyle based on shared mobility v/s traditional car ownership. While some use-cases have been increasingly well-served by cabs and hourly self-drive rentals, there is a clear gap in services tailored towards longer term mobility.”
“For users with fast-changing lifestyles, or for users with tactical requirements (say, for a few months), buying or leasing a car is impractical, because of the long-term commitments and hassles involved in purchase, maintenance and resale. Switch aims to change that and fill this gap.”
Revv says that it is a subscription service, available by-the-month or by-the-year. This is an attempt to make accessing a car much more convenient and hassle-free..
“He can switch between car models as frequently as every month, e.g. using a hatchback for day-to-day usage, while switching to a nice SUV for vacations. He can even maintain his subscription across cities. The upfront expense will also be much lower than buying a car because of no down-payment.” the statement added
“Sharing a subscription is more practical than sharing one’s own car, and we see strong potential in that. For the Phase 2 of this, we will develop an app to help a user share his car with friends/neighbours when not in use, to substantially reduce his monthly expenses.”
Having nearly tripled its fleet and geographical presence in the last five months, Revv now intends to expand its product portfolio to address needs and use cases of shared mobility that are not being addressed by any other available products.