The Indian automaker has plans to expand its reach in the mobility service business with the latest acquisition. Pravin Shah will take over as the new CEO of Meru. He was earlier the President Automotive, Mahindra till March 2017.
Mahindra and Mahindra Ltd has acquired 44.14 % shares of Meru Cabs, and shares from True North, a private equity investor among others for an amount of INR76 crores and Farhat Gupta for INR 21.63 Crore, and 12.66 percent. Following this new acquisition, Mahindra has completely acquired Meru taking its stakes to 100 percent. The Indian automaker has plans to expand its reach in the mobility service business with the latest acquisition. Pravin Shah will take over as the new CEO of Meru. He was earlier the President Automotive, Mahindra till March 2017.
Founded in 2006, Meru cabs and was one of the early players in the cab aggregator vertical. It was a pioneer in the trend of cab booking over a smartphone, at your doorstep. Meru has also kept up with the trend by introducing electric vehicles in its catalog. It also has a wide operation network at airports across multiple cities in the country and also specializes in employee transportation services. The company will not only help Mahindra to facilitate EV adaption but also will facilitate venturing into a new vertical.
Source: Business World
