Most experts in the industry agree that there is an imbalance in demand-supply as far as radio cabs are concerned.
There are about 600,000 taxis in India, generating combined annual revenue of about Rs 11,000 crore (Rs 110 billion).
The safety net for passengers is focused solely on the terms and conditions for the radio taxi scheme issued by the transport department.
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.
Uber said it is conducting a full audit of its verification, rider feedback and support processes apart from assessing its driver screening processes, Ola is getting GPS installed in all its partner taxis.
The amendment comes within a month of web-based taxi companies being banned in Delhi, after a taxi driver on Uber's network allegedly raped a finance executive early this month.
The Information Technology Act needs another tweak to allow a different kind of information intermediary to flourish, says Ajit Balakrishnan.
Home-grown taxi booking companies which have a business model similar to Uber's might have stricter security norms imposed on them.
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