MakeMyTrip announced in its second quarter FY23-24 results that it has entered into an agreement 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.
“All the formalities of the acquisition of the controlling stake are now complete. This acquisition marks a pivotal moment in the USD 3 billion-plus, yet largely unorganized, intercity market. We are now looking to transform this space by leveraging technology as well as deeper consumer understanding from MakeMyTrip. The timing of the acquisition couldn’t be better, as it coincides with the improved road infrastructure in the country and a wider acceptance among travelers to book intercity cab services online,” said Gaurav Aggarwal, founder and CEO, Savaari Car Rentals.
“The inter-city cab service remains…