Update: Savaari has informed that Intel Capital led this investment round with participation from the existing investor Inventus Capital, however it didn’t disclose the total investment amount raised. The company plans to use the investment raised for market and team expansion and improve its technologies.
Earlier (October 23): Intel Capital has invested $65 million in 16 technology companies which includes two Indian companies – online car rental service Savaari Car Rentals and business continuity & disaster recovery platform Perpetuuiti TechnoSoft Services. The financial details of each individual investment were however not disclosed.
Savaari had earlier raised $1 million in Series A funding from Inventus Capital Partners in April 2012. We have contacted Savaari for more details on the current investment.
Founded in 2006, Savaari is an online car rental service which allows users to book chauffeur-driven cars for local travel, outstation trips, airport trips and predesigned special packages for select places. It claims to have a network of 158 operators across 60 cities and claims to have serviced over eight lakh trip hours and one crore trip kms. It currently offers eight types of taxis starting at the entry level economy cars like Tata Indica, going up to SUVs like Chevrolet Tavera and premium cars like Toyota Corolla, Toyota Camry and Mercedes E Class.
The company is however competing in a crowded market which includes the likes of Uber, Meru Cabs, Olacabs, Taxiforsure, Getmecab.com, BatchCar, YourCabs.com, and Taxiguide. JustDial had also recently launched online cab bookings.
On the other hand, Perpetuuiti TechnoSoft Services offers a continuity platform which provides businesses with real time information and availability management of its Business Continuity Planning (BCP) and Disaster Recovery (DR) infrastructure. It offers products like Continuity Vault, Continuity Patrol, DataSync, Compliance patrol and others.