part of its growth strategy in the shared mobility space, Mahindra and Mahindra
Ltd. (M&M) announced that it has entered into definitive agreements with
shareholders of Meru Travel Solutions Private Limited (Meru) to buy their
respective stakes in Meru.
would acquire 44.14% shares from Private Equity investor, True North and others
for an amount not exceeding Rs. 76.03 crores and 12.66% shares from Neeraj
Gupta and Ms Farhat Gupta, for an amount not exceeding Rs. 21.63 crores. With
this arrangement, M&M will enhance its current shareholding in Meru from
43.20% to 100%.
Cabs, a ridesharing company founded in 2006 revolutionised the way people
travelled in cabs by offering AC cabs at their doorstep with a single call.
Today, Meru has a significant presence in the airport transfer business,
operating in the ride hail segment and providing employee transportation
services to corporates in India.
Gupta, founder CEO and Whole Time Director of Meru and its subsidiary company
Meru Mobility Tech Private Limited and Director of two other Meru subsidiaries
- V-Link Automotive Services Private Limited and V-Link Fleet Solutions Private
Limited will be stepping down effective close of business hours of 30th April,
2021. He will continue as an employee until June 30, 2021.
Shah, former President, Automotive, M&M till March 2017, will be the CEO of
Meru and its subsidiary companies, with effect from May 1, 2021.
on the acquisition, Dr. Anish Shah, MD and CEO, Mahindra Group said, “At the
outset, I would like to thank Neeraj Gupta and the team at Meru for building a
pioneering brand in the shared mobility space in India. Our association with
Meru is built on our compelling strategy to scale our shared mobility
businesses. Pravin has agreed to take this critical responsibility of the
business and to develop sustainable and scalable business strategies.”
Gupta said, “The last two decades in the mobility industry, building Meru to
become a household name in the country has been exhilarating. The time is right
for me to pursue newer interests and handover Meru in the safe hands of the
Mahindra Group, one of the finest corporate houses in the country. Under the
able leadership of Dr. Anish Shah, I am confident that Meru will rise to
greater heights in the times to come.”