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Meru Cabs raises $50 mn from India Value Fund Advisors

Mumbai based Meru
Cabs has raised fresh funds worth $ 50 million from India Value Fund Advisors.

According to a
Business Standard
report, another $ 100 million is expected to be infused by
the end of this month through a new set of investors.

Mumbai based Meru
Cabs has raised fresh funds worth $ 50 million from India Value Fund Advisors.

According to a
Business Standard
report, another $ 100 million is expected to be infused by
the end of this month through a new set of investors.

“We have
just received the funds from IVF to the tune of about $50 million. A set of PEs
and hedge funds are expected to  infuse another $100 mn in a couple of
weeks,” Siddhartha Pahwa, CEO of Meru Cabs told Business Standard.

According to
several media reports, the company was aiming to raise $100-150 million to
feed expansion and inorganic growth plans.  The development comes at a
time when the taxi aggregator space is witnessing fierce competition with Ola acquiring
TaxiForSure recently. 

Meru has a fleet
of about 12000 cabs and half of it is owned by the Pahwa led company. For
another $ 100 mn fund, India Value Fund Advisors, which has a little over 80
per cent stake in Meru, would divest some of this for the fund raising.  

Pahwa also has a
stake in Meru. The company reported its first profit in 2013-14, of Rs 3.6
crore. In 2012-13, it had a loss of Rs 31.1 crore. 

Meru recently
began a Meru Eve service for women passengers in Delhi, with 50 cabs owned by
Meru. The plan is to expand this to 2,500 over 12-18 months.

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