As per news reports, Mahindra & Mahindra is likely to acquire a majority stake in ride-hailing firm Meru Cabs for up to ₹201 crore. The company said that it is keen to grow its presence in shared mobility space and by acquisition of stake in Meru, it will also enter the corporate shared mobility space, which is an area of strategic interest to it.
It is reported that this deal will allow to expand its presence in the shared mobility market and will eventually give cab-hailing company Meru more firepower to compete with Ola and Uber.
Mahindra and Mahindra will pick up 55% in Meru Travel Solutions for ₹103 crore and retain the option of buying the remaining shares for up to ₹98 crore. In fact, last year, the Anand Mahindra led company had invested in self-drive service Zoomcar also.