MakeMyTrip, Zen Technologies and Persistent Systems Drive a Busy Week for Indian Acquisitions

Indian companies are making strategic moves across travel, defence technology and IT services. MakeMyTrip is reportedly examining a deal for carpooling platform Quick Ride, Zen Technologies has approved a majority investment in Cogknit Semantics, and Persistent Systems is preparing longer-term funding for its Nagarro acquisition.

These are not identical transactions. One remains under discussion, one is board-approved but awaits closing conditions, and one is part of a large acquisition already moving towards completion.

MakeMyTrip explores a Quick Ride acquisition

MakeMyTrip is reportedly in due diligence to acquire Quick Ride through its redBus business. Due diligence is the stage where a potential buyer studies a company’s finances, technology, legal matters and business operations before signing a final agreement.

Quick Ride was founded in 2014 by K.N.M. Rao and Shobhana Sriram. It connects people travelling on similar routes for carpooling and bike pooling, with a strong focus on office commuters.

The reported deal may involve cash and equity, but no official valuation, price or closing date has been announced. This means the transaction could still change or fail to close.

The move makes strategic sense because redBus already operates rPool, its own carpooling offering for verified professionals. Quick Ride could add users, commuter routes and operational experience in a market where daily traffic congestion remains a serious issue.

Quick Ride competes with carpooling alternatives and, more broadly, with ride-hailing services such as Ola, Uber and Rapido. However, its shared-commute model is designed more around lowering travel costs than booking an individual cab.

Zen Technologies targets Cogknit Semantics

Zen Technologies has approved an investment of up to Rs. 135.15 crore for a 51.98% stake in Cogknit Semantics as per its Press release. Once customary closing conditions are met, Cogknit will become a Zen Technologies subsidiary.

Cogknit is a Bengaluru-based defence technology company that builds battlefield management and situational-awareness systems. A battlefield management system is software that helps military units view and share important information, such as location, equipment status and field updates, in real time.

Zen is known for defence training simulators and anti-drone systems. Cogknit’s technology could help Zen move further into software-led defence operations, rather than focusing only on simulation and training equipment.

The company said its investment includes fresh funding for Cogknit as well as the purchase of existing shares. Cogknit’s founding team is expected to continue leading the business after the transaction.

Persistent’s Nagarro funding plan

Persistent Systems is reportedly preparing to raise up to $450 million through equity, a Qualified Institutional Placement or QIP, and other equity-linked instruments as per Moneycontrol.

A QIP allows a listed Indian company to raise money from qualified institutional investors, such as mutual funds and insurance companies. It can provide capital quickly, but issuing new shares may reduce the ownership percentage of existing shareholders.

The planned funding is linked to Persistent’s acquisition of German digital engineering company Nagarro. Persistent has already secured about 94.04% of Nagarro’s share capital through its takeover offer, according to the company. The transaction is expected to close by the end of the first quarter of calendar year 2027, subject to remaining approvals.

Persistent wants to replace short-term bridge financing with longer-duration debt and equity. The combined business would strengthen its presence in Europe and broaden its AI-led digital engineering capabilities.