Coleman and Co (BCCL) invested brand capital, an investment arm of Bennett, Rs 150 crore ($25 million) on Taxi service Meru Cabs.
Meru stated that the funds will be used by Meru to build up its place in the Indian market along with the aim of giving quality service to its customers based on a sustainable business model.
Siddhartha Pahwa, CEO of Meru Cabs said- “With the continuous changes seen in the taxi industry, Meru Cabs will move with dedication to show its services to a larger customer fragment through the many media channels. In the past year, progressive variation in services and building durable technology processes has been the main aim for Meru. Meru raised Rs 300 crore ($50 million) last from its existing investor, India Value Fund Advisors (IVFA), since May 2015. It’s services expanded to 24 more cities launching four distinctive services and developed its fleet size to 20,000 vehicles.”
Meru is mainly utilizing these funds to enlarge brand salience awareness aiming to expand it’s customer base. According to industry evaluation, India’s taxi market is now at Rs 7,900 crore ($1.2 billion) and by 2020 might reach Rs 1 lakh crore ($15 billion).
Based on shared economy, Meru is the very first taxi service to introduce Carpool facility in October. It also launched a special service called ‘Meru Enable’ for the disabled and elder people providing spacious seating, disability equipped vehicles with a state-of-the-art wired remote control-operated hydraulic lift and upskilled and tactful drivers.
Over 70% Meru cab booking are made via it’s mobile app. It’s booking system is now combined with Facebooks Messenger Bot, which now gives Meru an opportunity to use a national platform to connect with millions of customers.
Meru joined the fray last May, designing taxis accessible for disabled and elderly people in association with Ezy Mov.