MakeMyTrip acquires majority stake in car rental service provider Savaari

Intercity car rental service provider Savaari on Thursday announced that it has completed a transaction in which MakeMyTrip has acquired a majority stake in the company. Earlier, MakeMyTrip had 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 said that it 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.