Taxi service Meru Cabs Wednesday said it has raised a new spherical of investment of Rs. 150 crores ($25 million) from logo Capital, the funding arm of Bennett, Coleman and Co (BCCL).
Meru will use the funds to similarly beef up foothold within the Indian marketplace with a focal point on providing best service based totally on a sustainable business version, it stated in a assertion.
“With the continued transformation inside the taxi enterprise, this move is in step with the organization’s efforts to show off its services to a larger purchaser phase through a bouquet of media channels,” Siddhartha Pahwa, CEO, Meru Cabs stated.
Innovation in services and building strong era strategies has been the focal point for Meru inside the ultimate yr, he added.
when you consider that may 2015, when Meru final raised Rs. 300 crores ($50 million) from its current investor, India value Fund Advisors (IVFA), it has its service extended to 24 extra towns, launched four particular services, and grown its fleet size to twenty,000 automobiles, it said.
Meru is deploying these funds broadly speaking to growth brand salience and logo cognizance with the goal of widening its patron base, it brought.
The u . s .’s organised taxi-hailing marketplace at Rs. 7,900 crores ($1.2 billion), is expected to reach Rs. 1 lakh crore ($15 billion) with the aid of 12 months 2022, consistent with enterprise estimates.
Introducing a provider based totally on shared economic system, Meru was the first taxi player to introduce the Carpool provider in October.
Meru has additionally released a specialised carrier for in a different way abled and aged commuters referred to as ‘Meru enable’ via spacious and disability equipped vehicles and trained and sensitised drivers.
Meru receives over 70 percent of its reserving from the cellular app.
Integrating its booking device with fb’s Messenger Bot, Meru now has get admission to to a countrywide platform to hook up with millions of customers.