Savaari Raises Series B Funding Led By Intel Capital With Participation From Inventus Emerges

Travel-and-Leisure Savaari raises Series B funding led by Intel Capital with participation from Inventus emerges as Indias largest location-based car rental company Bangalore 24 October 2013: Savaari Car Rentals, Indias leading online taxi aggregator, today announced raising its second round of funding of an undisclosed amount from Intel Capital and existing investor Inventus Capital. Savaari Car Rentals will utilize the fund for its expansion plans, besides managing and deploying advanced technology in serving customers better. Speaking on the second round of funding, Gaurav Aggarwal, Founder and CEO of Savaari Car Rentals, in a statement said, This infusion of funds will be used for market and team expansion, besides providing value-added services to our esteemed customers, by implementing advanced technologies in our services. With this recent investment we are confident to scale up more than 10 times by the end of FY 2014-15. Savaari Car Rentals aims at bringing standardization and transparency in the $5 billion car rental industry where about 96% of the market is unorganized. Savaari had raised $1M in March 2012, from Inventus Capital. We are excited to invest in Savaari as it seeks to use technology to organize the largely unorganized car rental market and bring more consumers online. This is an important element in our portfolio approach to develop the online ecosystem in India to engage First Time Buyers (FTBs), said Sudheer Kuppam, Managing Director, Asia-Pacific, Intel Capital. Samir Kumar, MD, Inventus Advisory Services, remarked, Inventus was very happy with the progress of Savaari since Series A. This follow-on investment led by Intel Capital, underscores Inventus trust in Savaaris continued momentum and growth. Savaari provides 24×7 phone support to all its customers, besides providing an Android mobile application which helps in tracking the cab at all times, to cater to the safety factor. About Savaari Car Rentals: Savaari Car Rentals Private Limited currently services 60 cities across the country. The company has established a network of 150+vendors and now boasts of over 2 crore trip kms and 15 lakh trip hours to its credit. Savaari, the business venture, founded by Gaurav Aggarwal, aims to bring in standardization in an industry that is ruled by fluctuating fares and service standards. For further information please log on to About Intel Capital: Intel Capital, Intel’s global investment and M&A organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$11 billion in over 1,322 companies in 54 countries. In that timeframe, 204 portfolio companies have gone public on various exchanges around the world and 336 were acquired or participated in a merger. In 2012, Intel Capital invested US$352 million in 150 investments with approximately 57 percent of funds invested outside North America. For more information on Intel Capital and its differentiated advantages, visit or follow @Intelcapital. About Inventus Capital Partners: Inventus Capital Partners is a US-India venture firm managed by successful entrepreneurs and industry operating veterans who have backed over 100 entrepreneurs with operations in India and/or Silicon Valley. Inventus backs entrepreneurs first and foremost. The companies financed by Inventus in India include TELiBrahma, Insta Health, redBus, FundsIndia, Vizury, Sokrati, eTechies, Cbazaar, Power2sme, Policybazaar, eDreams and Unbxd. Inventus is currently investing out of its recently raised Fund-II. More information about Inventus is available at .inventuscap… For media queries only contact: Deepika Shetty: +91 9886305432/ [email protected] ; Nabanita Ghosh Mondal:+91 8431891956/ [email protected] 相关的主题文章: