India: Sequoia, Lightspeed, Times Internet put $7.2m in bus aggregator Shuttl

Shuttl

Bus aggregation platform Shuttl has raised about $7.2 million (Rs 49.99 crore) as part of its Series B funding round from Sequoia Capital, Lightspeed India Partners, and Times Internet Ltd, a subsidiary of Indian media house Bennett Coleman and Co. Ltd.

According to the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc, Shuttl has issued a total of 18,227 Series B4 compulsory convertible cumulative participative preference shares (CCCPS) of Rs 10 each to Sequoia Capital India Investments IV, SCI Investments V, Lightspeed India Partners I LLC, and Times Internet Ltd.

Sequoia Capital has invested Rs 10.26 crore, SCI Investments put in Rs 11.18 crore, Lightspeed India Partners invested Rs 21.44 crore, and Times Internet put in Rs 7.09 crore in this round.

The development was first reported by Yourstory earlier in the day, which said that the investment will allow Shuttl to expand its geographical reach, and serve more consumers across Indian cities. The startup is looking to expand to Pune and Kolkata.

The financing comes a little over two months after the Gurugram-based bus aggregator reportedly raised $1.3 million from venture debt fund Trifecta Capital. In October, Trifecta was said to have put in $1 million in Shuttl.

The startup had raised $11 million led by Amazon India, Amazon Alexa Fund and Dentsu Ventures in July last year. It planned to use the funds to expand into two new cities by the end of 2018-19 and grow in existing markets, including Delhi NCR and Jaipur. Shuttl had also started running pilots in Pune and Kolkata last year.

Shuttl, owned by Super Highway Labs Pvt. Ltd, had 800 buses on its platform till last year. It competes with bus shuttle service providers such as Bengaluru’s ZipGo and Mumbai’s Cityflo, among others.

In September, it had acquired mass transportation app Commut’s local operations, including its customers and driver-partners.

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