MakeMyTrip secures a controlling stake in Savaari Car Rentals

News update

MakeMyTrip, an online travel services provider, has successfully acquired a majority stake in Savaari Car Rentals Pvt Ltd, while maintaining its autonomy under the current management. Gaurav Aggarwal, founder and CEO of Savaari Car Rentals, said: «This acquisition represents a pivotal moment in the $3 billion but largely unorganized intercity market.»

Completing the formalities of acquiring a controlling stake is expected to significantly contribute to MakeMyTrip’s growth and leverage its expertise in technology and consumer insights. The strategic move coincides with improved road infrastructure and increased adoption of online intercity taxi services, improving the timing of the acquisition.

Founded in 2006, Savaari offers one-way station departures, return flights, local rentals and airport transfers in over 2,000 Indian cities. Rajesh Magow, Co-Founder and Group CEO of MakeMyTrip highlighted their aim to address challenges in the largely offline inter-city taxi business. He stated: «With this majority stake in Savaari, we are looking to extend this leadership to adjacent segments in ground transportation.»

Prakash Sangam, CEO of redBus under the MMT Group, will lead the initiative and work closely with Savaari’s leadership team to scale the business. The acquisition is in line with MakeMyTrip’s strategy to expand its leadership position in ground transportation segments.

MakeMyTrip posted 25.6% YoY revenue growth to reach USD 214.2 million in Q3 FY24.

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