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Meru Cabs

Meru Cabs
Company typePrivate
IndustryTransport
FoundedApril 2007 (2007-04)
FounderNeeraj Gupta
Headquarters
Mumbai
,
India
Number of locations
24 cities (2015)
Area served
India
BrandsMeru Cabs, MeruBiz, MeruSpot, Meru Reserve[1]
ServicesVehicle for hire
RevenueDecrease ₹115.96 crore (US$14 million) (FY20)[2]
Decrease ₹−10.64 crore (US$−1.3 million) (FY20)[2]
Number of employees
343 (2020)[2]
ParentMahindra Logistics
Websitewww.meru.in

Meru Cabs is an Indian taxi-hailing company.[3] Founded by Neeraj Gupta in 2006, the company is headquartered in Mumbai. Since 2019, the company has been owned by Mahindra Group.

Meru provides mobility services to individuals as well as business houses across India. Currently, Meru provides app-based transportation services like city rides, city rentals, airport transfers, and outstation travel, etc to individuals as well as corporate houses in 24 cities across India.

History

Neeraj Gupta founded the V-Link Group in 2000. Started as a staff transportation business, V-Link Fleet Solutions expanded its business and provided services to clients in the BPO sector. In a duration of 4 years, V-Link expanded to a fleet of 1300 vehicles.

In August 2006, Maharashtra government invited tenders for running a fleet of 10,000 taxis in Mumbai in an attempt to replace the already existing black-yellow cabs (Kaali-peeli taxis). It was during this time that V-Link collaborated with venture capital firm True North, formerly known as India Value Fund (IVF), to form Meru. With initial funding of INR 500 million, Meru was launched in Mumbai offering AC cabs to India for the first time, with electronic meters and GPS/GPRS system cabs via the call booking system. In a short time, Meru scaled up its services to the top 4 cities of India with a fleet of 5000 cabs by 2010.[citation needed]

By 2015, with a fleet of 9000 cabs, Meru provided its services in most of the Metros, Tier-2 & Tier-3 cities of India including – Mumbai, Delhi, Hyderabad, Bangalore, Jaipur, Ahmedabad, Chennai, Vadodara, Surat, Pune, and Kolkata. Meanwhile, Meru tied-up with the 5 major airports of India and became their official airport cab service provider. By 2018, Meru broadened its service offerings from city and airport rides to city rentals and outstation. Meru also tied-up with Mahindra Electric to offer transportation in Hyderabad.[citation needed]

In 2019, Mahindra & Mahindra acquired a 55% stake in Meru Cabs.[4] With this merger, Meru expanded its product offerings and added electric vehicles in its fleet. In May 2021, Mahindra & Mahindra raised its stake to 100%.[5] In December 2021, Mahindra Logistics acquired 100% stake in Meru Cabs from Mahindra & Mahindra.[6]

Meru ran a pilot project with 200 electric cars in Mumbai and Delhi.[7] By 2020, Meru grew to become the second-largest ride-hailing service to include electric vehicles (EV) in its fleet.[5]

References

  1. ^ "Meru Cabs launches office commute service with no surge pricing feature". mint. 15 October 2020. Retrieved 10 January 2023.
  2. ^ a b c Rakheja, Harshit (25 September 2020). "Meru Cabs Losses Spike 198% Amid Renewed Focus On B2B Mobility". Inc42 Media. Retrieved 10 January 2023.
  3. ^ Srinivasan, Supraja (9 April 2018). "Taxi operator Meru Cabs looks to turn to B2B clients". The Economic Times. ISSN 0013-0389. Retrieved 5 March 2023.
  4. ^ Thakkar, Ketan. "M&M to acquire 55% stake in Meru for cash consideration of up to Rs 201.5 crore". The Economic Times. Retrieved 10 November 2020.
  5. ^ a b "Mahindra and Mahindra fully acquires Meru Cabs, raises its stake to 100 per cent". Hindustan Times. 1 May 2021. Retrieved 10 July 2022.
  6. ^ "Mahindra Logistics acquires 100% stake in Meru". mint. 27 December 2021. Retrieved 10 July 2022.
  7. ^ "M&M-backed Meru Cabs to add electric vehicles for fleet expansion". Mint. Retrieved 28 January 2021.
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