Malaysia's Mayflower buys majority of on-demand car rental startup GoCar

The company acquired 55% of GoCar for about $109,000, reports Tech in Asia

Malaysia’s leading travel service provider Mayflower Acme Tours has bought a majority stake in on-demand car rental startup GoCar.

The company acquired 55% of GoCar for about $109,000, its publicly listed parent firm, Warisan TC Holdings, told Bursa Malaysia.

Mayflower is a travel service specialist that has been operating in Malaysia since 1969. It offers a wide range of services – from car rental to hotel reservations and tours.

The company has a staff of more than 500, over 3,000 vehicles, and a network of 19 offices and branches, including four airport counters, throughout Malaysia.

“[The deal] is expected to strengthen Mayflower’s position in the retail car rental market and will provide Mayflower with immediate access to a self-service, automated, and web-based platform for car rental,” says Warisan, which is part of the Tan Chong group, the sole distributor of Nissan cars in Malaysia. Tan Chong is controlled by the family of Tan Heng Chew, one of Malaysia’s richest.

The deal means GoCar will now become a subsidiary of Mayflower, but it will keep its name and brand. GoCar’s founder and executive director TJ Tan will also continue to set the company’s overall direction and run the day-to-day operations.

This is an excerpt from Tech in Asia. You can read the full article here