Intel Capital to invest in Savaari Cabs

SAN DIEGO: Intel Corporation owned Venture Capital firm Intel Capital invested this week an undisclosed amount in Bangalore based Savaari Car Rentals, its first investment in the taxi aggregation space in India.

Founded in 2006, by Gourav Aggarwal, 36, Savaari Cabs has existing investors such as Inventus Capital, which had funded the Bangalore company with series-A capital of $1 million, last year.

The company competes in the private taxi aggregation space has rivals such as Ola Cabs, Meru Cabs and TaxiforSure. Since inception, Bangalore head-quartered Savaari has grown to a network of over 130 operators across 60 cities.

Intel Capital owns a $250 million India fund, of which almost 80% is exhausted with investments in companies such as Snapdeal, Fashionandyou, Deals and You, Healthkart, Policybazaar, Yatra Online and others in the consumer internet space.