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M&M to increase stake in cab service Meru to 100%; True North, others exit
Meru screenshot
May 3, 2021
Mahindra and Mahindra Ltd (M&M) said that it has agreed to buy the shares it didn’t already own in Meru Travel Solutions Pvt. Ltd (Meru) from existing shareholders.
This would take M&M’s stake in Meru to 100% from 43.2%. M&M will acquire 44.14% shares from private equity investor True North and others for an amount of ₹76.03 crore and 12.66% shares from founder Neeraj Gupta and promoter Farhat Gupta, for ₹21.63 crore.
Neeraj Gupta, chief executive officer of Meru and its unit Meru Mobility Tech Pvt. Ltd, will be stepping down from his position and will continue as an employee until 30 June.
linkedin In continuation of its strategic intent to grow its presence in the shared mobility space, Mahindra & Mahindra has entered into definitive agreements with shareholders of Meru Travel Solutions (Meru) to buy their respective stakes M&M is to acquire 44.14% shares from private equity investor, True North and others for an amount not exceeding Rs 76.03 crore and 12.66% shares from Neeraj Gupta and Mrs. Farhat Gupta, for Rs 21.63 crore. Set up in 2006, Meru Cabs 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.
From 43.20% to 100%Mahindra & Mahindra announced that it has entered into definitive agreements with shareholders of Meru Travel Solutions (Meru) to buy
their respective stakes in Meru.
It 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 Farhat Gupta, for an amount not exceeding Rs. 21.63 crore. With this arrangement, M&M will enhance its current shareholding in Meru from 43.20% to 100%.
Neeraj Gupta, founder CEO and Whole Time Director of Meru and its subsidiary company Meru Mobility Tech and Director of two other Meru subsidiaries - V-Link Automotive Services and V-Link Fleet Solutions will be stepping down effective close of business hours of 30 April 2021. He will continue as an employee until 30 June 2021.
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