Zoomcar is planning to acquire Revv – Hyundai may invest in the merger

Image source: Zoomcar.com


As reported by Entrackr earlier today, the Bengaluru-based self-drive car rental startup Zoomcar is advancing into its plans to acquire its competitor Revv which is another startup based in Gurugram in the same segment.

In conversation with Entrackr, two people familiar with the matter said…

“The conversations are fairly advanced, but they are stuck at the share swap ratio,”

“Revv wants one share for every three shares, and Zoomcar wants to give one share for every 4.25 shares.”

Back in June, Zoomcar talked about its plans to acquire the Bengaluru-based Drivezy. Some sources say that the deal couldn’t get through as Drivezy wasn’t interested in the merger or acquisition.

People cited above told Entrackr that…

“A few months ago, SoftBank was interested in investing in Zoomcar, but the condition was that it had to either merge with Drivezy or Revv,” said another person familiar with the matter, requesting anonymity. “But Drivezy wasn’t too keen on the merger.”

It is not clear whether Softbank will invest in Zoomcar or Zoomcar Revv merger but they were into the discussions with both companies lately.

As affirmed by the sources, Hyundai who backed Revv with INR 100Cr in back in 2018, is highly likely to invest in the Zoomcar-Revv merger too.

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Wajiha Wahab
Wajiha Wahab

Part of the editorial team at LAFFAZ, Delhiite by birth, Wajiha possesses a keen interest in reading about startups, accumulating information and presenting the same to the audience impressively.
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