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Meru Cabs to raise $150 million

Industry Economy

Meru Cabs, Taxi service provider, is planning to raise $150 million (around Rs.950 crore) from existing and new investors in a bid to expand its services to new regions. According to CEO Siddhartha Pahwa, Meru plans to raise $50 million from its existing private equity investor India Value Fund Advisors (IVFA), and the part of $100 million will come from other PE firms. The taxi market in India is expected to grow to $28 billion by 2020, according to a study by Morgan Stanley. 

Extracted from HBL, Mar 16,’15

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