Meru

Mumbai, India Founded: 2007 • Age: 19 yrs Listed Acquired By Mahindra
Ride-hailing services are facilitated via an app-based platform.
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About Meru

Meru is a publicly listed company based in Mumbai (India) founded in 2007 by Rahul Arun Kapani, and was acquired by Mahindra in August 2019. Ride-hailing services are facilitated via an app-based platform. It operates on a Mobility-as-a-Service and On-Demand Services model. Meru has raised $135.07 million across 8 funding rounds from investors including Mahindra, Timesgroup and India Value Fund Advisors. The company has 930 employees. Meru was last valued at $12.14 million in November 2019. Its chief executive, as recorded, is Zhooben Dosabhoy Bhiwandiwala. Its Indian entity Mll Express Services Private Limited reported revenue of ₹365 Cr. Meru offers products and services including Alyte, Alyte for Enterprises, Electric Fleet, Outstation Rentals, and Airport Services. Its focus areas include Transportation, Logistics and Mobility Services. Its competitors include Savaari, Gozocabs and Namma Yatri; 3 of its 3 listed competitors have raised funding.

Company details

Comprehensive mobility solutions are offered by Meru, a brand under Mahindra Logistics Limited, focusing on safe and reliable transportation for individuals and enterprises across major Indian cities. Services include employee commutes, airport transfers, outstation rentals, and corporate transport management. The company operates in sectors like automobile, e-commerce, and consumer industries, integrating technology for real-time tracking and operational efficiency. Sustainable initiatives are emphasized through the deployment of electric vehicles to reduce environmental impact. End-to-end solutions are provided, covering booking, billing, and fleet management with a focus on safety and compliance.

  • Headquarters Mumbai, India
  • Employees 930
  • Founders Rahul Arun Kapani
  • Stage Acquired
  • Sectors
    Transportation, Automotive & Logistics
  • Website category Travel and Tourism · Car Rentals
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website meru.in
  • Social LinkedIn X Facebook Instagram
  • Acquired by Mahindra (Aug 2019)
  • Legal Name Mahindra Logistics Limited
  • Date of Incorporation 04 Dec, 2006
  • Jurisdiction Mumbai, Maharashtra, India
Operational Areas
Transportation, Automotive & Logistics → Road Transport Tech
Key Metrics
  • Market Cap
    ₹3,88,914 Cr

    M&M · NSE

  • Share Price
    ₹3,287.20

    +5.11% today

  • Revenue
    ₹1,98,639 Cr

    FY 2025-26 · +24.8% YoY

  • EBITDA
    ₹36,687 Cr

    Margin 18.5%

  • Net Profit
    ₹17,313 Cr

    FY 2025-26 · +33.9% YoY

  • P/E (TTM)
    19.1x

    P/B 4.0x

  • ROE
    21.9%

    ROCE 15.3%

  • Debt / Equity
    1.46

    Interest cover 32.7x

  • Total Equity Funding
    $135.07M (USD)

    in 8 rounds

  • Latest Funding Round
    $117.89K (USD), Series C

    Nov 2019

  • Investors
    Mahindra

    & 6 more

  • Employee Count
    930
  • Acquired by
    Mahindra

    (Aug 2019)

Products & Services of Meru

Meru offers a comprehensive portfolio of products and services, including Alyte, Alyte for Enterprises, Electric Fleet, Outstation Rentals, and Airport Services.

Alyte
Mobility Solutions

Mobility solutions are provided for individuals and enterprises.

Alyte for Enterprises
Corporate Mobility

Corporate transport solutions are offered for employee commuting.

Electric Fleet
Sustainable Mobility

Electric vehicles are deployed for eco-friendly transportation services.

Outstation Rentals
Travel Services

Rental services are provided for outstation travel needs.

Airport Services
Transport Services

Airport transfer services are ensured with safe vehicles.

Apps and channels of Meru

Meru publishes 2 mobile apps with over 5M+ downloads.

Meru Cabs- Airport & Rental
Google Play Maps & Navigation Everyone Free
Developer: MLL MOBILITY PRIVATE LIMITED
View on Google Play
Meru Cabs-Local and Outstation
App Store Travel 4+
Developer: MERU CAB COMPANY PRIVATE LIMITED
View on App Store

Funding Insights of Meru

Meru has successfully raised a total of $135.07M across 8 strategic funding rounds. The most recent funding activity was a Series C round of $117.89 thousand completed in November 2019. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.

  • Total Funding $135.07M
  • Total Rounds 8
  • Last Round Series C — $117,891
  • First Round $3.96M

    (Feb 2007)

  • Investors Count 6

All 8 funding rounds of Meru with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.

DateAmountTransaction NameValuationLead InvestorsInvestors
Nov 2019$117,891Series C$12.14MBrand Capital
–
Jun 2016$25MSeries C–Brand Capital
True North
Mar 2015$50MSeries C$255.98MTrue North
Timesgroup, India Value Fund Advisors
Mar 2013$14.44MSeries B$•••••True North
–
Oct 2010$11.5MSeries B$•••••True North
–
Mar 2009$21.68MSeries B$•••••True North
–
Jan 2008$8.36MSeries A$•••••True North
–
Feb 2007$3.96MSeed$•••••True North
V Link Tour and Travels, Neeraj Gupta Vishnukumar
Valuation history
DateValuationStage
Nov 2019$12.14M••••••••
Mar 2015$255.98M••••••••
Mar 2013$•••••••••••••
Oct 2010$•••••••••••••
Mar 2009$•••••••••••••
Jan 2008$•••••••••••••
Feb 2007$•••••••••••••
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Full valuation and stage history of Meru

Every valuation point, the growth-stage changes (minicorn, soonicorn, unicorn) and the dates behind them require an active premium plan.

  • All valuation points
  • Stage changes
  • Dates
  • Exports

Verified entity values are shown only after access is granted.

Last known valuation $12.14M (Nov 2019). 7 investors in total: 6 institutional and 1 angel.

Investors in Meru

Meru has secured backing from 7 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include Mahindra, Timesgroup and India Value Fund Advisors.

All
Venture Fund
Institutional
Angel
InvestorDescriptionFounded YearDomainLocation
Brand Capital
Investments in early-stage startups are made by Brand Capital.
brandcapital.co.inMumbai, India
True North
Private equity is invested by True North in mid-market companies.
truenorth.co.inMumbai, India
India Value Fund Advisors
PE firm investing in India
1999ivfa.comMumbai, India
Timesgroup
English and vernacular newspapers are published in print form.
1838timesgroup.comMumbai, India
V Link Tour and Travels
Tour and Travels operator
Mahindra
Diversified operations span automotive, agriculture, and financial services.
1945mahindra.comMumbai, India

Neeraj Gupta Vishnukumar

Angel investor and entrepreneur, founder of Cervin Ventures, focused on tech startups.
unknown_a68f4052d06f4d409
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Investor details for Meru

The complete investor list, round-by-round participation and investor portfolios require an active premium plan.

  • Complete investor list
  • Round participation
  • Investor portfolios
  • Co-investor network

Verified entity values are shown only after access is granted.

Board of directors of Mll Express Services Private Limited (Meru)

Mll Express Services Private Limited is the primary company behind Meru. The boards of the 4 registered companies of Meru currently have 24 directors; the longest-serving is Anand Gopal Mahindra, appointed in 2010. 112 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Anand Gopal Mahindra
DIN 00004695
Director01 Aug 201016 yrs 3 moMahindra And Mahindra Limited
Darius Dinshaw Pandole
DIN 00727320
Director25 Jul 20179 yrs 3 moMahindra Logistics Limited
Ranu Vohra
DIN 00153547
Director25 Jul 20179 yrs 3 moMahindra Logistics Limited
Avani Vishal Davda
DIN 07504739
Director06 Jun 20188 yrs 5 moMahindra Logistics Limited, Mll Express Services Private Limited
Shikha Sanjaya Sharma
DIN 00043265
Director08 Aug 20197 yrs 3 moMahindra And Mahindra Limited
Malvika Sahni Sinha
DIN 08373142
Director30 Jul 20206 yrs 3 moMahindra Logistics Limited
Gangadaran Chellakrishna
DIN 01036398
Director03 Aug 20206 yrs 3 moMll Express Services Private Limited
Rajesh Ganesh Jejurikar
DIN 00046823
Whole-time director07 Aug 20206 yrs 3 moMahindra And Mahindra Limited
Nisaba Godrej
DIN 00591503
Director08 Aug 20206 yrs 2 moMahindra And Mahindra Limited
Muthiah Murugappan
DIN 07858587
Director08 Aug 20206 yrs 2 moMahindra And Mahindra Limited
Naveen Raju Kollaickal
DIN 07653394
Director03 Sep 20206 yrs 2 moMahindra Logistics Limited, Mll Express Services Private Limited
Anish Dilip Shah
DIN 02719429
Director02 Apr 20215 yrs 7 moMahindra Logistics Limited, Mahindra And Mahindra Limited
Ameet Pratapsinh Hariani
DIN 00087866
Director01 May 20224 yrs 6 moMahindra Logistics Limited
Rampraveen Swaminathan
DIN 01300682
Director16 May 20224 yrs 5 moV-Link Automotive Services Private Limited
Sreenivas Pamidimukkala
DIN 09447924
Director19 May 20224 yrs 5 moMll Express Services Private Limited, V-Link Automotive Services Private Limited
Harishkumar Prakashchandra Gupta
DIN 08400763
Director28 Jun 20224 yrs 4 moV-Link Automotive Services Private Limited
Prasanna Vikas Pahade
DIN 02292382
CEO14 Sep 20233 yrs 1 moMll Express Services Private Limited
Gaurav Rustagi
DIN 10143202
CFO11 May 20242 yrs 5 moMll Express Services Private Limited
Ranjan Pant
DIN 00005410
Director17 May 20242 yrs 5 moMahindra And Mahindra Limited
Padmasree Warrior
DIN 10387032
Director17 May 20242 yrs 5 moMahindra And Mahindra Limited
Sat Pal Bhanoo
DIN 10482731
Nominee Director17 May 20242 yrs 5 moMahindra And Mahindra Limited
Hemant Sikka
DIN 00922281
Managing Director22 Apr 20251 yr 6 moMahindra Logistics Limited, Mll Express Services Private Limited
Muthu Raju Paravasa Raju Vijay Kumar
DIN 05170323
Director07 Oct 20251 yr 1 moMahindra And Mahindra Limited
Samina Hamied
DIN 00027923
Director07 Oct 20251 yr 1 moMahindra And Mahindra Limited

People of Meru

5 people are tracked at Meru (5 in leadership); the tracked headcount is 930.

NameRoleGroup
Farhat Neeraj Gupta
Leadership
Rahul Arun Kapani
Co-FounderLeadership
Zhooben Dosabhoy Bhiwandiwala
CEOLeadership
Nilesh Sangoi
Leadership
Neeraj Gupta
Founder & Managing DirectorLeadership
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Complete people profiles for Meru

Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.

  • Full employee list
  • Team structure
  • Board tenure
  • Professional contacts

Verified entity values are shown only after access is granted.

IPO & Listings of Meru

Meru is a publicly listed company on the NSE with ticker symbol M&M in India, operating in the Automobile sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • Listed onNSE: M&M
  • Listed entityMahindra And Mahindra Limited
  • Exchange sectorAutomobile

Financials of Meru

Exchange-reported figures of Mahindra & Mahindra Ltd, the listed company behind Meru (NSE: M&M).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹1,98,639 Cr
+24.8% YoY
EBITDA
₹36,687 Cr
+20.2% YoY
Profit After Tax
₹17,313 Cr
+33.9% YoY
Net Worth
₹96,069 Cr
+18.4% YoY
Total Assets
₹2,56,603 Cr
+12.8% YoY
Total Debt
₹1,33,963 Cr
+7.2% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue1,98,6391,59,2111,39,0781,21,36290,17174,27875,382
Revenue growth+24.8%+14.5%+14.6%+34.6%+21.4%-1.5%-
EBITDA36,68730,51824,89218,58314,5139,8398,712
EBITDA margin+18.5%+19.2%+17.9%+15.3%+16.1%+13.3%+11.6%
Profit before tax25,18519,08015,97814,0609,3623,1581,655
Net profit17,31312,92911,2699,2766,2562,232(306)
Net profit margin+8.7%+8.1%+8.1%+7.6%+6.9%+3.0%-0.4%
EPS (₹)153.00115.82101.0992.3259.1416.321.15
Balance sheet
Total assets2,56,6032,27,4241,95,0751,68,0411,42,5861,39,2411,41,279
Net worth96,06981,11468,21256,76647,12341,58239,969
Total debt1,33,9631,24,9491,06,62692,24777,60580,62582,092
Cash & bank31,97920,61512,01311,27311,11812,8527,911
Net working capital67,07856,37645,17740,81734,55736,37833,535
Cash flow
Cash from operations11,6573,176(5,630)(7,074)9,24817,909(1,457)
Cash from investing(17,680)(18,616)(5,615)(8,866)(3,252)(19,686)(6,870)
Cash from financing5,39115,83412,28115,946(5,883)4066,933
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue57,55358,18854,98252,10046,10645,52942,59941,470
Revenue growth (YoY)+24.8%+27.8%+29.1%+25.6%+21.6%+22.3%--
Other income1,6571,3841,5481,3231,1451,3951,141719
EBITDA10,22110,5659,7169,8148,9298,2287,9118,231
EBITDA margin+17.8%+18.4%+17.7%+19.0%+19.5%+18.1%+18.6%+19.8%
Depreciation1,8321,7601,9432,1631,6691,5482,0291,495
Interest2,6822,5602,4072,4052,3472,4312,3972,362
Profit before tax7,3657,6286,9146,5696,0585,6444,6275,092
Tax2,1981,6311,6541,5472,0941,2681,0851,468
Net profit5,1675,9985,2605,0213,9644,3773,5423,624
EPS (₹)40.9048.5941.4841.6932.5136.4329.0428.40
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue1,47,7651,18,6251,01,33686,64557,78744,63045,488
Revenue growth+24.6%+17.1%+17.0%+49.9%+29.5%-1.9%-
EBITDA22,39218,41615,1309,4916,2143,0302,417
EBITDA margin+15.2%+15.5%+14.9%+11.0%+10.8%+6.8%+5.3%
Profit before tax20,62415,65013,4588,1316,1482,3033,116
Net profit15,71611,85510,6427,6544,8902,7432,191
Net profit margin+10.6%+10.0%+10.5%+8.8%+8.5%+6.2%+4.8%
EPS (₹)130.1098.7388.7454.6640.708.2411.15
Balance sheet
Total assets79,42966,14256,78250,69546,76144,64339,116
Net worth74,32561,58552,29143,35738,19834,95134,468
Total debt1,6531,6822,0515,0266,7437,7863,027
Cash & bank18,48010,7915,6654,4823,6516,3954,237
Net working capital5,1482,7301,6781,4812418502,974
Cash flow
Cash from operations22,75816,61711,4749,1296,9779,5943,678
Cash from investing(19,733)(13,874)(5,361)(4,753)(3,961)(14,564)(2,576)
Cash from financing(3,529)(3,355)(5,547)(3,784)(3,166)3,514(1,015)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue44,28241,95939,60138,94235,08034,14331,60930,964
Revenue growth (YoY)+26.2%+22.9%+25.3%+25.8%+21.3%+25.8%--
Other income1,062776644698702732513265
Total expenses37,56436,80934,09133,32228,61229,34827,38926,154
EBITDA6,7185,1505,5095,6196,4674,7954,2194,810
EBITDA margin+15.8%+12.3%+13.9%+14.6%+19.4%+14.1%+13.5%+15.8%
Depreciation1,0741,0501,2011,0521,0411,0001,3061,045
Interest66.7299.7371.5263.1558.9955.9281.0261.42
Profit before tax6,6384,7764,8815,2026,0694,4713,3453,968
Tax1,5361,0911,1441,2711,5491,0219081,004

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 07 Nov 2026
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue57,55358,18854,98252,10046,10645,52942,59941,470
Revenue growth (YoY)+24.8%+27.8%+29.1%+25.6%+21.6%+22.3%--
Other income1,6571,3841,5481,3231,1451,3951,141719
EBITDA10,22110,5659,7169,8148,9298,2287,9118,231
EBITDA margin+17.8%+18.4%+17.7%+19.0%+19.5%+18.1%+18.6%+19.8%
Depreciation1,8321,7601,9432,1631,6691,5482,0291,495
Interest2,6822,5602,4072,4052,3472,4312,3972,362
Profit before tax7,3657,6286,9146,5696,0585,6444,6275,092
Tax2,1981,6311,6541,5472,0941,2681,0851,468
Net profit5,1675,9985,2605,0213,9644,3773,5423,624
EPS (₹)40.9048.5941.4841.6932.5136.4329.0428.40
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue1,98,6391,59,2111,39,0781,21,36290,17174,27875,382
Revenue growth+24.8%+14.5%+14.6%+34.6%+21.4%-1.5%-
Other income5,4113,7183,2985,6643,3752,7992,331
Total expenses1,61,9521,28,6931,14,1861,02,77975,65864,43966,670
Employee cost12,73111,12610,6249,6788,3877,8138,215
EBITDA36,68730,51824,89218,58314,5139,8398,712
EBITDA margin+18.5%+19.2%+17.9%+15.3%+16.1%+13.3%+11.6%
Depreciation7,3226,0744,7244,3573,5083,3783,367
Interest9,5919,0837,4885,8305,0186,1026,021
Profit before tax25,18519,08015,97814,0609,3623,1581,655
Tax6,5635,0063,7082,6862,1091,6461,976
Net profit17,31312,92911,2699,2766,2562,232(306)
Net profit margin+8.7%+8.1%+8.1%+7.6%+6.9%+3.0%-0.4%
EPS (₹)153.00115.82101.0992.3259.1416.321.15
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital3,5324,6332,579957556555554
Reserves & surplus92,53876,48165,63355,80946,56741,02739,415
Shareholders' funds (net worth)96,06981,11468,21256,76647,12341,58239,969
Minority interest16,39512,05911,31910,7169,7039,0707,692
Secured loans1,00,09297,33079,93365,72735,39837,06442,631
Unsecured loans33,87127,61926,69226,52042,20743,56139,461
Total debt1,33,9631,24,9491,06,62692,24777,60580,62582,092
Total liabilities2,56,6032,27,4241,95,0751,68,0411,42,5861,39,2411,41,279
Assets
Gross block75,95566,14356,46252,09048,52642,65868,602
Net block38,45934,63628,12927,14026,01821,38029,689
Capital work in progress7,7408,2988,0393,9696,7037,8736,856
Investments40,32441,30935,20835,27230,06028,77819,210
Inventories22,04420,33118,59016,85511,5969,61511,112
Sundry debtors9,0648,2807,4597,0286,3746,0086,928
Cash & bank balances31,97920,61512,01311,27311,11812,8527,911
Loans & advances63,24855,40046,56841,90335,21133,63131,799
Total current assets1,26,3351,04,62684,63177,06064,29862,10657,750
Total current liabilities59,25748,25039,45436,24229,74125,72824,215
Net working capital67,07856,37645,17740,81734,55736,37833,535
Total assets2,56,6032,27,4241,95,0751,68,0411,42,5861,39,2411,41,279
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash4,9244,5303,4933,4883,3754,7456,139
Net cash from operating activities11,6573,176(5,630)(7,074)9,24817,909(1,457)
Net cash from investing activities(17,680)(18,616)(5,615)(8,866)(3,252)(19,686)(6,870)
Net cash from financing activities5,39115,83412,28115,946(5,883)4066,933
Net change in cash(632)3941,0375.82113(1,370)(1,394)
Closing cash31,97920,61512,01311,27311,11812,8527,911
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+24.8%+14.5%+14.6%+34.6%+21.4%-1.5%-
EBITDA growth+20.2%+22.6%+34.0%+28.1%+47.5%+12.9%-
PBT growth+32.0%+19.4%+13.6%+50.2%+196.4%+90.9%-81.4%
Net income growth+33.9%+14.7%+21.5%+48.3%+180.3%+829.1%-
Revenue CAGR (3Y)+17.9%+20.9%+23.3%+17.2%-4.9%-6.9%-3.5%
EBITDA CAGR (3Y)+25.5%+28.1%+36.3%+28.7%-0.8%-9.4%-6.7%
Profitability & leverage
Net income margin+9.4%+8.8%+8.8%+9.4%+8.0%+2.0%-0.4%
Return on capital employed+15.3%+14.1%+13.8%+13.7%+10.9%+7.9%+6.9%
Return on net worth+21.9%+19.7%+20.0%+22.0%+16.4%+4.7%-1.9%
Debt / equity1.461.551.591.631.782.001.91
Long-term debt / equity0.901.031.031.051.191.311.20
Interest cover32.6637.1637.1340.9845.6094.45112.65
Efficiency & per share
Fixed asset turnover2.802.602.562.411.981.341.15
Inventory turnover9.388.187.858.538.507.176.47
Debtors turnover22.9120.2319.2018.1114.5711.489.66
EPS (₹)153.00115.82101.0992.3259.1416.321.15
Dividend per share (₹)33.0025.3021.1016.2511.558.752.35
Book value per share (₹)833.03690.13593.77506.14423.72374.51360.55
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue44,28241,95939,60138,94235,08034,14331,60930,964
Revenue growth (YoY)+26.2%+22.9%+25.3%+25.8%+21.3%+25.8%--
Other income1,062776644698702732513265
Total expenses37,56436,80934,09133,32228,61229,34827,38926,154
EBITDA6,7185,1505,5095,6196,4674,7954,2194,810
EBITDA margin+15.8%+12.3%+13.9%+14.6%+19.4%+14.1%+13.5%+15.8%
Depreciation1,0741,0501,2011,0521,0411,0001,3061,045
Interest66.7299.7371.5263.1558.9955.9281.0261.42
Profit before tax6,6384,7764,8815,2026,0694,4713,3453,968
Tax1,5361,0911,1441,2711,5491,0219081,004
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue1,47,7651,18,6251,01,33686,64557,78744,63045,488
Revenue growth+24.6%+17.1%+17.0%+49.9%+29.5%-1.9%-
Other income2,7751,7121,9562,0672,6582,0393,035
Total expenses1,25,3741,00,20986,20677,15451,57341,60043,071
Employee cost5,2904,8814,4633,6503,3303,2522,880
EBITDA22,39218,41615,1309,4916,2143,0302,417
EBITDA margin+15.2%+15.5%+14.9%+11.0%+10.8%+6.8%+5.3%
Depreciation4,2934,2273,4883,1542,4982,3702,223
Interest250250140273226396113
Profit before tax20,62415,65013,4588,1316,1482,3033,116
Tax4,9853,7952,8151,5821,2781,3191,785
Net profit15,71611,85510,6427,6544,8902,7432,191
Net profit margin+10.6%+10.0%+10.5%+8.8%+8.5%+6.2%+4.8%
EPS (₹)130.1098.7388.7454.6640.708.2411.15
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital601600600599598597597
Reserves & surplus73,72460,98551,69242,75837,60034,35433,871
Shareholders' funds (net worth)74,32561,58552,29143,35738,19834,95134,468
Secured loans0.000.000.000.002.5694.250.00
Unsecured loans1,6531,6822,0515,0266,7407,6923,027
Total debt1,6531,6822,0515,0266,7437,7863,027
Total liabilities79,42966,14256,78250,69546,76144,64339,116
Assets
Gross block46,81343,55340,20736,21531,57727,31222,666
Net block19,68819,65117,80516,97614,90412,01110,395
Capital work in progress5,3083,9053,7632,7855,2636,1254,009
Investments42,03235,46829,20727,08724,20421,78319,938
Inventories10,30610,3339,7188,8815,9704,7833,401
Sundry debtors6,4865,7264,5684,0423,0392,2032,999
Cash & bank balances18,48010,7915,6654,4823,6516,3954,237
Loans & advances9,5987,7257,0917,6915,6642,9412,315
Total current assets44,87034,57427,04125,09618,32416,32212,952
Total current liabilities39,72231,84425,36323,61418,08315,4729,978
Net working capital5,1482,7301,6781,4812418502,974
Total assets79,42966,14256,78250,69546,76144,64339,116
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash1,2641,8761,3107178682,3242,238
Net cash from operating activities22,75816,61711,4749,1296,9779,5943,678
Net cash from investing activities(19,733)(13,874)(5,361)(4,753)(3,961)(14,564)(2,576)
Net cash from financing activities(3,529)(3,355)(5,547)(3,784)(3,166)3,514(1,015)
Net change in cash(504)(612)566593(150)(1,456)85.93
Closing cash18,48010,7915,6654,4823,6516,3954,237
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+24.6%+17.1%+17.0%+49.9%+29.5%-1.9%-
EBITDA growth+21.6%+21.7%+59.4%+52.7%+105.1%+25.4%-
PBT growth+31.8%+16.3%+65.5%+32.3%+166.9%-26.1%-50.7%
Net income growth+32.6%+11.4%+39.1%+56.5%+78.3%+25.2%-
Revenue CAGR (3Y)+19.5%+27.1%+31.4%+24.0%+2.5%-2.9%+1.1%
EBITDA CAGR (3Y)+33.1%+43.6%+70.9%+57.8%+1.1%-21.3%-17.4%
Profitability & leverage
Net income margin+10.6%+10.0%+10.5%+7.6%+8.4%+2.2%+2.9%
Return on capital employed+28.7%+25.9%+25.3%+20.2%+14.0%+13.8%+13.5%
Return on net worth+23.0%+20.8%+22.3%+18.8%+13.3%+7.9%+6.4%
Debt / equity0.020.030.070.140.200.160.08
Long-term debt / equity0.020.030.040.100.180.130.06
Interest cover1.381.771.214.316.0960.0158.25
Efficiency & per share
Fixed asset turnover3.272.832.652.561.961.792.11
Inventory turnover14.3211.8310.9011.6710.7510.9112.57
Debtors turnover24.2023.0523.5424.4722.0517.1613.10
EPS (₹)130.1098.7388.7454.6640.708.2411.15
Dividend per share (₹)33.0025.3021.1016.2511.558.752.35
Book value per share (₹)618.33512.88436.04361.88319.22292.53288.91

Timeline of Meru

5 dated milestones of Meru across 12 years, from founding to its latest funding, stage changes and deals.

  1. Founded Meru is founded.
  2. Funding First funding round of $4.0M.
  3. Milestone Reaches Minicorn status.
  4. Exit Acquired by Mahindra.
  5. Funding Latest funding round, Series C, of $118K.

Competitors of Meru

Meru has 3 listed competitors in our database, 3 of them funded. They include Savaari, Gozocabs and Namma Yatri.

Company NameDomainFoundedHQ LocationTotal fundingEmployeesDescription
Savaari
savaari.com2006Bengaluru, India$5.93M192
App-based intercity ride-hailing aggregator
Gozocabs
gozocabs.com2012Chandigarh, India$2.17M58
Inter-city taxi bookings are enabled via a mobile app platform.
Namma Yatri
nammayatri.in2022Bengaluru, India$11M141
Three-wheeler rides are booked via an app-based platform.
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Detailed competitors of Meru

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Web traffic of Meru

The website of Meru (meru.in) receives about 2.2K visits a month and ranks #6,668,243 among all websites worldwide, #2,399 in Car Rentals.

  • Monthly visits
    2.2K

    ▼ 6.4% vs previous month

  • Unique visitors
    1K

    per month

  • Global rank
    #6,668,243

    among all websites

  • Category rank
    #2,399

    Travel and Tourism · Car Rentals

Similar websites

Websites whose visitors overlap most with Meru. Affinity shows how closely the audiences match.

WebsiteDomainAudience affinityMonthly visitsGlobal rankProfile
Reke India
rekeindia.com
100%
#3,703,275View details
Solo Cabs
solocabs.com
98%
5.8K#1,957,689View details
AhaTaxis
ahataxis.com
97%
1.2K#11,117,274View details
Deepam Taxi
deepamtaxi.com
96%
#1,165,755View details
Mega Cabs
megacabs.com
95%
20.2K#1,939,430View details
••••••••••••••••.com••%•.•M#•••••–
••••••••••••••••.com••%•.•M#•••••–
••••••••••••••••.com••%•.•M#•••••–
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All 24 similar websites and full traffic analytics for Meru

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  • 24 similar websites
  • Audience overlap
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Top companies in Road Transport Tech

3 companies that operate in the same segment as Meru (Road Transport Tech) in India, ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
Ola Cabs
Ride-hailing, electric vehicles, and financial solutions are provided via app.
2010Bengaluru, Karnataka, IndiaUSD 3.83 BUSD 278.63 M2,473
Rapido
Operator of a bike taxi aggregation service, offering intra-city travel and first-mile, last-mile connectivity solutions
2015Bengaluru, Karnataka, IndiaUSD 826.75 MUSD 19.11 M817
BluSmart
Electric ride-hailing and cab services are provided via mobile app.
2019Mumbai, Maharashtra, IndiaUSD 168.52 M
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Related news about Meru

NCLAT Issues Notice To CCI, Uber On Meru Cabs’ Plea
Inc42 • 3 years ago
Mahindra Logistics completes acquisition of three entities from Meru Travel Solutions
Userwalls • 4 years ago
Mahindra Logistics to complete Meru acquisition before end of May
Indiainfoline • 4 years ago
Mahindra Logistics on course to acquire Meru; Stock gains over 1%
Indiainfoline • 4 years ago
Mahindra logistics acquires Meru Travel Solutions
Theindianwire • 4 years ago
M&M to Enhance its Ownership to 100 per cent in Meru
Aithority • 5 years ago
Meru Cabs Looks To Raise INR 400 Cr To Bolster EV Business
Inc42 • 5 years ago
Meru Cabs outlines plans to raise up to Rs 400 crore from private equity investors
Businesstoday • 5 years ago
Meru Mobility Partners With InterMiles to Provide Loyalty, Rewards Programme to Passengers
News18 • 5 years ago
Meru Mobility Tech ties up with loyalty and rewards programme InterMiles
Business-Standard • 5 years ago
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Frequently Asked Questions about Meru

Meru was founded in 2007.

Meru is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.

Zhooben Dosabhoy Bhiwandiwala is the CEO of Meru, as recorded in our data.

Meru is a funded company, having raised a total of $135.07M across 8 funding rounds to date. The company's 1st funding round was a Seed of $3.96M, raised on Feb 2007.

Meru has 930 employees.

The primary company behind Meru, Mll Express Services Private Limited, reported revenue of ₹365 Cr for FY 2024, up 196% year on year.

Comprehensive mobility solutions are offered by Meru, a brand under Mahindra Logistics Limited, focusing on safe and reliable transportation for individuals and enterprises across major Indian cities. Services include employee commutes, airport transfers, outstation rentals, and corporate transport management. The company operates in sectors like automobile, e-commerce, and consumer industries, integrating technology for real-time tracking and operational efficiency. Sustainable initiatives are emphasized through the deployment of electric vehicles to reduce environmental impact. End-to-end solutions are provided, covering booking, billing, and fleet management with a focus on safety and compliance.

Meru's top competitors include Savaari, Namma Yatri and Gozocabs.

Meru offers Alyte, Alyte for Enterprises, Electric Fleet, Outstation Rentals, and Airport Services.

Yes, Meru is publicly traded on NSE under the ticker symbol M&M.

Meru has 7 investors. Key investors include Mahindra, Timesgroup, India Value Fund Advisors, Brand Capital, and True North.

The valuation of Meru is $12.14M as of Nov 2019.

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