Chauffeur-driven, intercity cab provider, Savaari Car Rentals Pvt Ltd has been acquired by MakeMyTrip (MMT). With a strategic stake acquisition, MMT became a major stakeholder in Savaari. However, Savaari will continue to operate as an independent company led by the current leadership team itself. Scroll on to learn more details about this acquisition.
New Chapter For Savaari After MakeMyTrip’s Strategic Stake Acquisition
Following a strategic majority stake acquisition by MakeMyTrip, Savaari is all set for a transformative journey in the currently unorganised and fragmented intercity cab rental market. This acquisition was announced by MakeMyTrip during their second quarter FY 23-24 results. They had mentioned that they had agreed to acquire a majority interest in Savaari Car Rentals Private Limited. And now, this acquisition transaction is finally complete. It is, however, mentioned that Savaari will continue to operate as an independent entity led by the existing leadership itself.
According to an official statement by Savaari, this acquisition marks a pivotal moment in the $3 billion-plus, yet largely unorganised, intercity market. They look forward to transforming it by leveraging technology and consumer understanding from MakeMyTrip.
Rajesh Magow, Co-founder and Group CEO of MakeMyTrip said, “The founding members and the leadership of Savaari have done an incredible job over the past few years in becoming the premier player in this category. Our endeavour now will be to further boost growth with our technology and consumer insights expertise.”
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What Savaari’s Future Looks Like With MakeMyTrip
According to Gaurav Aggarwal, Founder and CEO, Savaari Car Rentals, the timing of the acquisition couldn’t be better. With “improved road infrastructure in the country” and a general wider acceptance to “book intercity cab services online,” he believes this move will help the company in the longer run. Prakash Sangam, CEO of redBus, will lead this transformation initiative from the MMT group’s perspective. He will work closely with the Savaari leadership team to make the company reach new heights.
We, for one, can’t wait to see how this move will smoothen out the travel experience for the end users!
Cover Image Courtesy: X/@makemytrip & Canva
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