SEOUL, Aug. 20 (Korea Bizwire) — Hyundai Motor Co. said Monday it has invested in Indian car sharing firm Revv to supply it with vehicles and jointly develop new mobility services for Indian customers.
Investment in the Delhi-based shared mobility platform is the latest in Hyundai’s series of investments in global car sharing companies as it strives to secure a new growth driver.
As India’s car sharing market is projected to grow to 150,000 units in 2022 from the current 15,000 units, Hyundai expects the partnership with Revv to help it expand into the local mobility market, the company said in a statement.
Hyundai didn’t provide the value of its investment in Revv.
Revv is the first Indian company to introduce a “subscription service” called SWITCH to allow users to switch between car models as frequently as every month or every year.