Uber is in talks to buy Meru Cabs, according to a new report from The Economic Times. The US based taxi aggregator is eyeing the acquisition in a bid to increase its market share.
Uber which is currently valued at $40 billion is eyeing a majority stake in Meru Cabs which is expecting a valuation of $400 million. India Value Fund Advisors (IVFA) owns around 80% stake in Meru Cabs and may want to continue holding a minority stake post the deal, said the report. The acquisition might result into IVFA selling its stake and issuing fresh equity shares to raise more funds for the company.
The news comes at a time when report about Ola Cabs buying TaxiForSure surfaced last week. Just yesterday Meru Cabs added Google Now integration to its app.