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Mahindra and Mahindra Ltd. (M&M) has announced that it has entered into an agreement with shareholders of Meru Travel Solutions Private Limited (Meru) to buy their respective stakes in Meru. This has been done by Mahindra in continuation of its strategic intent to grow its presence in the shared mobility space.
Mahindra would acquire 44.14 per cent shares from private equity investors, true north and others for an amount not exceeding Rs. 76.03 crores and 12.66 per cent shares from Neeraj Gupta and 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 per cent to 100 per cent.
Neeraj Gupta founder CEO and Whole Time Director of Meru 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 new interests and hand over Meru in the safe hands of the Mahindra Group, one of the finest corporate houses in the country. Under the able leadership of Anish Shah, I am confident that Meru will rise to greater heights in the times to come."
Meru Cabs, a ridesharing company founded in 2006 revolutionized the way people travelled in cabs by offering AC cabs at their doorstep with a single call. Today, the company has a significant presence in the airport transfer business, operating in the ride-hail segment and providing employee transportation services to corporates across India.
Commenting on the acquisition, 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."
Neeraj Gupta has already stepped down from his post effective close of business hours on 30th April 2021. He will continue as an employee until June 30, 2021. Now, Pravin Shah, who was earlier President Automotive, M&M till March 2017 is the CEO of Meru and its subsidiary companies from May 1, 2021.
Thoughts About Mahindra To Enhance Its Ownership To 100 per cent In Meru
As we mentioned earlier, this has been done by Mahindra in continuation of its strategic intent to grow its presence in the shared mobility space. However, Meru will continue to employ transportation services to corporates across India without any hassle.