Taxi service provider Meru cabs raises 150 cr funds from Brand Capital



The Company Meru has elevated up Rs 150 crore (USD 25 million) from Brand Capital, the investment arm of Bennett Coleman and Co (BCCL).

Earlier, in May 2015, Rs 300 crore (USD 50 million) were raised from its existing investor India Value Fund Advisors (IVFA).

"Meru will use these funds to further strengthen its foothold in the Indian market with a focus on providing quality service based on a sustainable business model," the company said in a statement.

“The company has been working on a sustainable business model since its inception and has grown its operations across cities and continues to provide varied services”, Meru Cabs CEO Siddhartha Pahwa said.

"With the ongoing transformation in the taxi industry, this move is in line with the company's efforts to showcase its services to a larger customer segment via a bouquet of media channels," he added. 

Through this funds, the company will increase its brand awareness to broaden the customer base, the statement said. 

"We are confident that this partnership will help accelerate the process of creating the requisite brand positioning as well as awareness for customers who are present across mediums or platforms like print, OOH, digital, social media etc," Director Khasgiwala added. 

India's organised taxi-hailing market, at Rs 7,900 crore (USD 1.2 billion), is estimated to hit Rs 1 lakh crore (15 billion USD) by 2022.