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Behind the wheel of Hyundai’s Nexo Fuel Cell EV

Electric vehicles have yet to take over the world due to a pair of shortcomings inherent to the technology: limited range and long refueling times. Hyundai's hydrogen-powered 2019 Nexo FCEV addresses both issues -- all while it cleans the atmosphere...

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Hyundai leads $14.3M investment in Indian car rental startup Revv

Korean automaker Hyundai is jumping into India’s on-demand mobility space after it led a $14.3 million investment in car-rental startup Revv . Hyundai, which is the second largest seller of cars in India , initially announced an undisclosed investment in Revv this week, but now the startup has confirmed that the capital is part of a larger 100 Crore INR (~$14.3 million) Series B round. Other investors in the round include Japan’s Dream Incubator, Telama Investment and Sunjay Kapoor of auto component firm Sona BLW. Existing investors Edelweiss and Beenext also took part in the deal, which takes Revv to $23 million raised from investors, according to data from Crunchbase . Revv was founded in 2015 and it offers on-demand car rentals using a model similar to Zipcar in the U.S. The startup is currently active in 11 cities in India with a fleet of around 1,000 vehicles. It claims to have served 300,000 users to date. One of its hallmarks is doorstep delivery and collection from customers, which eschews the usual process of designated collection and return locations. In an interview with TechCrunch, Revv co-founders Anupam Agarwal (CEO) and Karan Jain (COO) said the plan is to expand to 30 cities over the next 12-18 months while growing the fleet size to 10,000-12,000. The duo said that the investment from Hyundai didn’t include any specific clause to provide vehicles, but that it is possible that an agreement may be reached in the future. Beyond potential support on growing the fleet, Agarwal and Jain said that Revv plans to tap Hyundai for its knowledge in vehicles, including performance upkeep, maintenance of cars and more, and other tech areas as it builds out its platform and new products. A photo of the Revv team That’s because the startup’s expansion plan goes beyond new geographies to include different types of services, too. Right now, Revv offers on-demand car rentals and a subscription-based product — Switch — that is designed for power-users, but Agarwal and Jain want to introduce more modular and flexible products. Already Shift users account for around one-third of rentals, but Revv wants to go further.

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