Savaari embarks on an exciting new chapter in inter-city cab services, following a strategic majority stake acquisition by MakeMyTrip.
Intercity car rental service provider Savaari begins a transformative journey in the currently unorganized and fragmented inter-city cab rental market following the completion of a transaction in which MakeMyTrip acquired a majority stake. 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 $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…