Intercity car rental service provider Savaari said that travel aggregating platform MakeMyTrip (MMT) has completed the transaction to acquire a majority stake in the company.
MakeMyTrip announced in its second quarter FY23-24 results that it has agreed to acquire a majority interest in Savaari Car Rentals Private Limited.
Savaari will continue to operate as an independent entity led by the existing leadership team, the company said in a statement.
“This acquisition marks a pivotal moment in the $3 billion-plus, yet largely unorganised, intercity market. We are now looking to transform this space by leveraging technology as well as deeper consumer understanding from MakeMyTrip,” said Gaurav Aggarwal, founder and CEO of Savaari Car Rentals.
“The inter-city cab service remains largely offline, with low online penetration, fragmented supply, and a lack of standardization in service. We have encountered similar issues in intercity private bus transport…