CarDekho acquires Revv to enter shared mobility
CarDekho said the acquisition is part of its broader strategy to create a "complete automobile ecosystem" for its customers.
In a bid to enter the shared mobility space,has acquired Revv and will merge it with the rest of its offerings.
CarDekho will offer's services as part of its house of brands, which include , Gaadi.com, , and , among several others.
The company said the deal is part of CarDekho's broader goal to offer a one-stop automobile-focused ecosystem to customers.
"As we build a robust ecosystem of mobility solutions, our focus is on delivering a seamless customer experience across cities in India, empowering the mobility need of the new generation," said Amit Jain, Co-founder and CEO of CarDekho Group, in a press statement.
Revv, launched in 2015 and headquartered in Gurugram, offers self-drive car rentals in India. Its roster of investors includes Hyundai, Japan's Dream Incubator, Telama Investment, Edelweiss and Beenext, among others.
It operates in 22 cities across India, and has a fleet of around 3,500-plus cars. It was last valued at $138 million as of October 2019, according to Tracxn data, on the back of $28.6 million in funding.
"With our expertise in shared mobility and CarDekho's technology prowess and understanding of the Indian automobile customer, we aim to set new benchmarks in flexible, affordable, and technology-enabled mobility solutions," said Revv founders in a press release.
Autotech unicorn CarDekho in October reported a 46.3% jump in total income for FY23 but fell short of achieving profitability.
In FY22, the company had started to show signs of improvement with losses narrowing from the year prior. It also has been optimistic about turning profitable—at a consolidated level—by FY24, but it failed to turn a corner in FY23.
Edited by Megha Reddy