The cab service company has raised a new round of funding of Rs.150 crore ($ 25 million) from Bennett Coleman's investment arm Brand Capital. The same company which owns The Times of India and The Economic Times newspapers.
Meru, which calls itself "the only profit making taxi services company" in the country, said it will use these funds to increase its brand awareness with the aim of widening its customer base.
Siddhartha Pahwa, CEO, Meru Cabs, said, "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."
Similar thoughts were also expressed by Shrenik M Khasgiwala, Director, Brand Capital, who said that the investment will create a requisite brand positioning as well as awareness of brand Meru.