CarDekho Makes a Power Play in Shared Mobility with Revv Acquisition

CarDekho, the leading auto e-commerce platform in India, has acquired a majority stake in Gurugram-based self-drive car rental startup Revv, marking its entry into the shared mobility space. This strategic move aims to create a one-stop automobile ecosystem for customers, offering a seamless experience across CarDekho's existing brands like BikeDekho, Gaadi.com, ZigWheels, and InsuranceDekho.

By merging Revv with its offerings, CarDekho seeks to become the ultimate destination for all things automobile, catering to the evolving needs of the new generation. As Amit Jain, Co-founder and CEO of CarDekho Group, puts it, "Our goal is to empower the mobility need of the new generation by delivering a robust and integrated mobility ecosystem."

Revv, founded in 2015 and boasting a fleet of over 3,500 cars across 22 Indian cities, brings its expertise in shared mobility to the table. Backed by renowned investors like Hyundai, Dream Incubator, and Beenext, Revv's technology platform and self-drive car rental services complement CarDekho's existing strengths.

This move signifies a strategic shift for CarDekho, which has historically focused on online car and bike sales. With Revv onboard, the company expands its reach and diversifies its offerings, catering to a wider range of customer needs in the burgeoning shared mobility market.

Additional Data and Insights:

• The global shared mobility market is expected to reach $7.6 trillion by 2030.

• India is one of the fastest-growing shared mobility markets globally, driven by a young population, rising urbanization, and increasing disposable income.

• The CarDekho-Revv merger could potentially face competition from established players like Zoomcar and Drivezy.

• This acquisition is likely to attract further investment into the Indian shared mobility space.

While CarDekho reported a 46.3% jump in income for FY23, it still fell short of profitability. However, the company believes that merging with Revv and leveraging its technology prowess will help them achieve profitability by FY24.

The combined expertise of CarDekho and Revv, coupled with their strong investor backing, positions them to set new benchmarks in the Indian shared mobility landscape. This acquisition promises to revolutionize the way Indians experience car ownership and travel, offering flexible, affordable, and tech-enabled solutions at their fingertips.