Private Equity Liquidity Events
MakeMyTrip to acquire a majority interest in Savaari Car Rentals
Source Economic Times (opens in a new tab)Earnings Release (opens in a new tab)
Nasdaq-listed MakeMyTrip (MMYT), via its wholly-owned subsidiary MakeMyTrip (India) Private Limited, is to acquire a majority interest in Savaari Car Rentals Private Limited, provider of inter-city car rental services in India.
The deal was disclosed as part of MMYT's earnings announcement for the quarter ended September 30. The earnings report said the agreement was entered into on October 31, 2023 and that the transaction is expected to be completed prior to December 31, 2023.
Company website ↗ (opens in a new tab)
From the Venture Intelligence PE-VC Deal Database: Between Mar-2012 and Mar-2016, Savaari had raised less than USD 6 M from Inventus Capital Partners (now, Athera Venture Partners) and Intel Capital. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)