The Association claimed to represent 13 operators, including Mega Cabs, Easy Cabs, Meru Cabs, Tab Cabs, which run their services in several cities across the country.
United States-based cab service provider Uber has landed in another controversy with one of its drivers being accused of molesting a female passenger during a ride to Gurgaon.
The fresh funds would be used for expansion of Meru's network.
Meru Cabs is in talks with Chinese e-commerce giant Alibaba.
Uber is facing sharp criticism from fellow taxi providers for not following strict security norms leading to the rape of a passenger in New Delhi.
There are about 600,000 taxis in India, generating combined annual revenue of about Rs 11,000 crore (Rs 110 billion).
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