Skift Take
Acquiring a car rental services company is a significant step towards MakeMyTrip's travel superapp ambitions. After all, seamless connectivity is a priority for both domestic and international travelers.
Online travel agency MakeMyTrip announced that it is acquiring a majority stake in Indian intercity car rental company Savaari.
"We are announcing the signing up of a majority investment in Savaari Car Rentals, provider of intercity car rental services in India," said Mohit Kabra, group chief financial officer at MakeMyTrip during its earnings call for the period ending September 30, 2023 on Tuesday.
The online travel company expects to complete the transaction before the closing of its third quarter on December 31.
“Currently, intercity cabs is a highly unorganized and fragmented market and with road infrastructure improving in the country, it presents a good future growth opportunity. So we have decided to strengthen this line of our business,” said Rajesh Magow, co-founder, group CEO and director of MakeMyTrip.
Calling it a segment with low online penetration,