Mahindra and Mahindra Ltd (M&M) has agreed to buy a 55% stake in ride-hailing firm Meru Cabs, expanding the automaker’s presence in the growing market for shared mobility. M&M will pay up to ₹103 crore for acquiring the stake which will be done through an issue of new shares. Mahindra’s investment will help Meru plan for a new course of growth. It is the only cab aggregator in India which is cash-positive and profitable. Mahindra also wants to tap into the sharing and rental mobility space with Meru, because automobile firms today realize that selling cars is not the only way to sustain growth.