Revv, the Delhi-NCR based shared mobility platform backed by Hyundai this year, has announced the launch of their latest offering – “OPEN“, which is a completely new way of owning a car, without any commitments or hassles of ownership. With OPEN, Revv wants to make cars more accessible by solving the pain-points that traditional car purchase entails.
OPEN allows aspiring car buyers to get a brand new car of their choice, without paying any down payment or road tax. Users will pay only a monthly fee, for any duration between 12 – 48 months, with an option to return the car anytime in the interim. Users will also have the option to acquire the car from Revv. The product is available in 6 cities viz., Delhi NCR, Bangalore, Hyderabad, Mumbai, Pune and Kolkata, and 25+ car models are on offer, including those from all leading OEMs like Hyundai, Maruti, Mahindra, Nissan, Tata, Toyota, Honda and Ford. It will be rolled out in another 9 cities by the first week of December 2018.
Revv had launched “Switch”, a monthly car subscription product, in May 2017. While Switch focused on serving users whose needs were short-term (e.g., 2-3 months), OPEN is targeted towards aspiring car buyers who dislike the 3-6 years of commitment that comes with buying a car, or who are postponing their car purchase because of the
requirement of hefty down payment and road tax, or who are averse to the tedious and largely offline process of car purchase, finance and maintenance. The monthly fee will include maintenance, and Revv will provide doorstep pickup and delivery service for maintenance needs of OPEN users.
Talking about the product, co-founders of Revv said, “Around 1.5 years back, we had introduced Switch, which was Asia’s first multi-brand car subscription product. The feedback from its users gave us fresh insights, which helped us craft OPEN. The new-age consumer is mobile and has dynamic preferences, with a rapidly evolving lifestyle. Hence, a product that lets you get a brand new car, without tying you down to it, and with the flexibility to own or return it at will. Flexibility and affordability are often tough to combine, and OPEN is truly unique in the way it achieves both, in the context of brand new cars. It is an attempt towards making cars more accessible, without the worry of debt. Another important aspect of OPEN is the fully online process for getting the car and also for maintaining it. A growing segment of users wants to get everything done online, and OPEN achieves exactly that. It takes the process of car purchase-finance-maintenance online, creating efficiencies that make the product affordable.”
Founded by ex-McKinsey executives, Anupam Agarwal and Karan Jain, Revv started in July 2015, from Delhi-NCR. It has focused on innovation, continually challenging the status quo in self-drive mobility to suit it to the Indian consumer. At its inception, it introduced the concept of doorstep delivery in car sharing and followed it up with other innovations such as instant booking. It is currently amongst the largest car sharing platforms in India, and amongst the highest rated apps in the sector, globally.
Revv is amongst the largest shared mobility platforms in India with a presence in 15 cities, serving more than 4 Lac users. It delivers cars to the users’ doorstep, and users can return them anywhere in the city, or even in a different city. Revv is also behind several other innovations, including launching India’s first car subscription program – Switch.
Revv had recently secured INR 100 Cr in a Series B funding round led by Hyundai Motors. Revv’s existing investors Edelweiss and Beenext also participated in the round, with new investors Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment.
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