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With this funding from Times of India’s VC arm Brand Capital, Meru aims to showcase its services to a larger customer segment via a bouquet of media channels

Ola is arguably the undisputed leader in the Indian online cab-hailing industry, with Uber enjoying a close second position. Ever since San Francisco-based Uber came to India in 2012, the two companies have been fighting it out ‘on the streets’ for a larger market share.

And now, the fights have reached the Court.

A day after Ola submitted an affidavit with an Indian High Court alleging that Uber was a “foreign” company profiteering through bypassing the laws of the land, Uber hit back saying it is a global company with local roots and is as foreign as Ola.

While the two giants are battling it out over ‘nationality’, Meru Cabs, one of the oldest cab-hailing services in India, has just raised US$25 million to further bolster its foothold in the country, as well as increase brand awareness.

The funding came from Brand Capital, the investment arm of Bennett, Coleman and Co. Ltd (BCCL), which owns India’s leading news papers Times of India, The Economic Times, etc.

Also Read: Uber, Ola drivers in Indian city to launch indefinite strike over wage issues

“With the ongoing transformation in the taxi industry, this move is in line with the company’s efforts to showcase its services to a larger customer segment via a bouquet of media channels,” said Siddhartha Pahwa, CEO, Meru Cabs.

Meru Cabs was launched in 2007 in Mumbai. It was one of the first taxi companies to introduce the concept of GPS/GPRS-enabled service in India.

The firm launched its MeruGenie services in December 2013, which is now present across 13 cities. In January 2015, it launched Meru Eve — a cab service exclusively for and by women. It’s an initiative to bring to the lady passengers a safe and reliable way to travel.

Currently, Meru offers services across 24 cities in India. It claims to have completed more than 40 million trips across the country and has a fleet size of 20,000 vehicles.

In October last year, Meru introduced carpool service. Meru receives over 70 per cent of its booking from the mobile app.

Previously, Meru has raised US$50 million from Indian Value Fund Advisors.

Speaking on the occasion, Shrenik M Khasgiwala, Director of Brand Capital, said, “We are confident that this partnership will help accelerate the process of creating the requisite brand positioning as well as awareness for customers who are present across mediums/platforms like Print, OOH, digital, social media etc.”

India’s organised taxi-hailing market presently at US$1.2 billion is estimated to reach US$15 billion by 2022 presenting an enormous opportunity for growth in the Indian market

The post As Ola and Uber fight over ‘nationality’, Meru Cabs zooms past with US$25M funding appeared first on e27.

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