Meru Cabs, Mumbai bases cab service provider company has raised $25 million from Brand Capital, the investment arm of BCCL (Bennett, Coleman and Company Limited). The raised funds will be used to further expand and strengthen its position in the areas it is currently operating. The company also aims to work for a sustainable business model and create brand awareness by getting more users on the platform.
Speaking on the development, Siddhartha Pahwa, CEO Meru Cabs stated that the taxi industry in India is going through a transformation phase and the investment will help Meru showcase its services to a wider audience. He further added that with the association of Brand Capital, the company will now be able to accelerate on a greater level and register its presence using more and more media and advertisement mediums.
The company claims to be the only profit making service provider in the taxi space in India. With a presence in 24 cities across the country, it has a fleet of over 20,000 vehicles. It had raised $50 Million from India Value Fund Advisors in May 2015.
With over 70% of its bookings coming from mobile app, the company continues to adopt better and next-gen technologies to help the users with a seamless experience. It has also integrated Facebook’s messenger bot into the booking system to further strengthen the booking system and target the customers on a pan India level.