Jaipur-based autotech firm CarDekho Group said it is acquiring a majority stake in Revv, a Gurugram-based self-drive car rental startup, for an undisclosed sum.
With this acquisition, CarDekho enters the shared mobility space, broadening its range of auto-tech solution services.
Integrating technology and mobility
The company said that the acquisition aligns with its strategy to integrate technology at the core of its operations. Amit Jain, co-founder and CEO of CarDekho Group, said the merger will enhance the company’s automobile ecosystem and provide a seamless customer experience. He also said that the inclusion of Revv’s services will cater to the evolving needs of Gen-Z customers.
“The merger of Revv aligns with CarDekho Group’s overarching strategy of placing technology at the heart of its operations, aiming to create a complete automobile ecosystem for a seamless customer experience,” the company said in a statement.
CarDekho’s previous acquisitions
This isn’t CarDekho’s first acquisition. The company also houses brands like BikeDekho, Gaadi.com, Zigwheels, PowerDrift, InsuranceDekho, and Rupyy. The latest acquisition will include Revv’s shared mobility services in its portfolio.
What does Revv do?
Founded in 2015 by McKinsey alumni Karan Jain and Anupam Agarwal, Revv has established itself in the self-drive car rental market. Operating in 22 cities across India with a fleet of over 3,500 cars, Revv was valued at $138 million as of October 2019.
“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 statement.
Is CarDekho profitable?
CarDekho, now an autotech unicorn, reported a 46.3% increase to Rs 2,331 crore on a consolidated basis in FY23 but has yet to achieve profitability. The company had shown signs of improvement in FY22 with narrowing losses and aims to turn profitable by FY24.
In October 2021, CarDekho raised $250 million in a funding round, boosting its valuation to $1.2 billion and establishing it as the first unicorn based in Jaipur, Rajasthan.
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