Meru Cabs Looks To Raise INR 400 Cr To Bolster EV Business

SUMMARY

Meru is in advanced talks with Japanese car leasing firm Orix Auto for a possible stake sale

It plans to use this funding to boost its B2B business for corporate clients and electric vehicle fleet

Meru Cabs reported a loss of INR 10.64 Cr in FY2020, with revenue marginally declining to INR 116 Cr

Mahindra-owned Indian cab aggregator Meru Cabs is reportedly looking to raise INR 350 Cr to INR 400 Cr funding and has been in talks with a clutch of strategic investors over the last six to nine months. The company is said to be in advanced talks with Japanese car leasing firm Orix Auto Infrastructure for a possible stake sale.

According to an ET report citing sources, Meru plans to use this funding in order to boost its B2B business by bringing more corporate clients on board as well as fuel its fleet expansion. The company plans to expand its fleet by adding over 10,000 electric vehicles (EVs). The Mumbai-based company had previously said that it is looking to invest $10 Mn in the technology and electric mobility segment by 2020-end.