Meru Cabs a Mumbai based Taxi Service has raised a funding of $25 Million from Brand Capital the investment arm of BCCL- Bennett, Coleman and Co.
The funds will be used to strengthen its foothold in the Indian market by focusing on providing quality service based on a sustainable business model, increase brand awareness with aim to develop a strong customer base.
Siddhartha Pahwa, CEO of Meru Cabs said,
“With the ongoing transformation in the taxi industry, this move is in line with Meru’s efforts to showcase its services to a larger customer segment via a bouquet of media channels.”
Last year when Meru raised funding of Rs 300 crores, it expanded its services to 24 addtional cities, increase the number of fleet by 20,000 vehicles.
It claims to receive more than 70% of the bookings from its mobile app and it further continues to use unique technology to ensure seamless navigation and bookings for its users. It’s booking system has been integrated with Facebook’s Messenger Bot giving access to connect with millions of customers across India.
It is present across many media platforms including OOH, Print, Social, and digital media. For its combined business of taxi aggregator and operator, it claims to be the only profit making taxi service company. It was the first company to introduce Carpool service. Services provided by Meru includes Meru-Eve-for women passengers, RideShare service and Meru Enable a a specialised service for differently abled and elderly commuters.
By 2022 India’s taxi market is estimated to reach $15 Billion. Other players like Ola and Uber are valued at $5 Billion and $68 Billin respectively. Other competitors include EasyCabs, MyTaxiIndia, InstaCabs & more.