• About
  • Contact
Saturday, April 17, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • Cryptocurrency
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home Automobile

Mahindra Acquires 55 % Stake In Meru Cabs For ₹ 201 Crore

Saurav Bhagat by Saurav Bhagat
September 2, 2019
in Automobile, News
2 min read
0
Meru-Cabs-Mahindra-Nextbigbrand-in

Meru-Cabs-Mahindra-Nextbigbrand-in

Share on FacebookShare on Twitter
  • The acquisition is set to be completed in stages and the first tranche will be in October 2019 with Rs 103.5 crores being the primary investment
  • Meru is one of the first radio taxi operators in the ride-hailing segment in India in 2007.

Mahindra & Mahindra (M&M) is buying a 55% interest in the ride-hailing company Meru Travel Solutions for up to Rs 201.5 crore cash consideration.

On Saturday, M&M said in an exchange filing, the firm signed a share subscription and shareholder agreement to subscribe up to 55 percent of Meru’s equity assets in tranches.

The acquisition is set to be completed in stages and the first tranche will be in October 2019 with Rs 103.5 crores being the primary investment. This comes after Mahindra Electric and Meru have announced a joint electric vehicle pilot project in Hyderabad.

With the investment, Meru will become a subsidiary of the company along with Meru Mobility Tech Private Limited, V-Link Automotive Services Private Limited and V-Link Fleet Solutions Private Limited.

Mahindra & Mahindra says it “is keen to grow its presence in the shared mobility space and by the acquisition of the stake in Meru, the company will enter the corporate shared mobility space which is an area of strategic interest to the company.”

Meru is one of the first radio taxi operators in the ride-hailing segment in India. It provides metered radio taxi services in the cities of Delhi, Mumbai, Bangalore and Hyderabad since April 2007. V-Link Automotive Services, a Meru subsidiary, provides radio taxi services and tourist cab services in various cities of India. It operates a large fleet across India supported by a 24×7 call center and advanced GPS, GPRS-based cab dispatching service, quick cab bookings through its mobile application and website.

Earlier in February 2018, Mahindra & Mahindra (M&M) has announced its plan to invest in Zoomcar India and in Zoomcar Inc, its US incorporated holding parent company, in line with the automaker’s thrust on the shared mobility business. Under the deal, the Mahindra Group would invest up to Rs 176 crore in Zoomcar India or Zoomcar Inc, which would constitute approximately 16 percent stake in Zoomcar Inc.

The past month has seen Mahindra domestic sales dip 26 percent.

Read More Here: Mahindra MD Fears Dealers May Go Bankrupt Due To Car Sales Slump

The company did sell only 33,564 units in the past month as against 45,373 units sold in August 2018. Exports have also dipped 15 percent to 2,521 units as the company reported as the Automobile Industry plunged to worst sales figure of the last two decades in July

Maruti Suzuki cuts 3,000 contract jobs due to decline in auto sales

Tags: anand mahindramahindra and mahindra sharemahindra companymahindra groupmahindra logomahindra scorpiomahindra tharmahindra tuv300Meru Cabs Offersmeru partner app
Previous Post

Snack Major Haldiram -Pioneer team bids for Kwality

Next Post

Tata Motors Reports 58 Percent Drop In Passenger Vehicle Volumes

Saurav Bhagat

Saurav Bhagat

Saurav Bhagat is an experienced digital marketer and SEO Trainer from New Delhi, India. Saurav is inclined towards brands and brand story-telling from the past half a decade. His interest in startups has made him an immense member of the NBB Family from its very early days. Saurav loves Chai and writes his day to day experiences on Quora and Yuvagasm Media too. He believes in the power of storytelling for a Brand and also in general. He often says- "Stories are powerful enough to build and erase empires and generations!"

Related Posts

boAt Raises Rs 50 Crore from Qualcomm Ventures
Media

boAt Raises Rs 50 Crore from Qualcomm Ventures

April 16, 2021
60% of Indian CMOs to have budgets for influencer marketing in 2021:ClanConnect
Case Study

60% of Indian CMOs to have budgets for influencer marketing in 2021:ClanConnect

April 16, 2021
Sachin Bansal’s Chaitanya India Fin Credit Applies for Universal Bank License
Industries

Sachin Bansal’s Chaitanya India Fin Credit Applies for Universal Bank License

April 16, 2021
Vahdam India Recorded a 110% YoY Growth in FY21
Food

Vahdam India Recorded a 110% YoY Growth in FY21

April 15, 2021
Swiggy to Raise $450 million from SoftBank Vision Fund
Food

Swiggy to Raise $450 million from SoftBank Vision Fund

April 15, 2021
Zeta in Advanced Talks with SoftBank to Raise at $1 Billion Valuation
Internet

Zeta in Advanced Talks with SoftBank to Raise at $1 Billion Valuation

April 15, 2021
Next Post
tata motors factory

Tata Motors Reports 58 Percent Drop In Passenger Vehicle Volumes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

Chinese Billionaire Jack Ma Suspected Missing after Condemning the Chinese Government.

Alibaba Share Surges after Jack Ma’s Resurfacing Video

3 months ago
future retail NCDs group operations- next-big-brand

Future Group Cuts Down E-Commerce Operations & Fires Employees

1 year ago
tiktok-India Head-next-big-brand

Brands line up to get adspace on TikTok, as it starts monetising in India.

2 years ago
haptik logo

Reliance Jio Digital Buys Haptik for 700 Crore

2 years ago

FOLLOW US

  • 33.7k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • Pine Labs – Transforming the Digital Transaction Environment
  • Gupshup: Providing Secured Feature Rich Bot Platforms to its Clients
  • boAt Raises Rs 50 Crore from Qualcomm Ventures

Instagram

Follow Me!

Latest News

Pine Labs Acquires Fave in Deal Valued over $45 Million

Pine Labs – Transforming the Digital Transaction Environment

April 17, 2021
Gupshup Raises $100 Million, Joins Unicorn Club

Gupshup: Providing Secured Feature Rich Bot Platforms to its Clients

April 17, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • Cryptocurrency
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.