Gurgaon-based company Prime Mover Mobility Technologies has just announced they have raised $9M in equity and debt financing. According to an official statement from the company, proceeds from this Series A round will be used to launch its services in newer markets, create new products, and to build proprietary technology to enhance customer experience.
Prime Mover’s main product focus will be self-drive car rental platform start-up Revvs. The funding contributions were made by Mahindra & Mahindra Financial Services and LeasePlan India, both key partners of Revvs.
Founded in 2015 by Agarwal and Karan Jain, both formerly with McKinsey, Revvs is currently present in four cities across the country – Delhi NCR, Bengaluru, Hyderabad and Chandigarh.
“The number of people giving up traditional asset ownership is set to grow exponentially. The rise of taxi-hailing apps has been an important market-creator, weaning people away from traditional car ownership. The key would be to address the highly-varied needs of a shared-mobility user, through a suite of products tailored for each need,” Anupam Agarwal, co-founder, Revvs told The Economic Times.
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