India: Bus aggregator Shuttl raises $42m from Toyota Group, SMBC Trust Bank

An employee fills diesel in a public bus at a fuel station in Kolkata August 13, 2012. REUTERS/Rupak De Chowdhuri/Files

Gurugram-headquartered bus aggregation platform Shuttl has raised as much as $42 million (Rs 297 crore) from a host of investors such as Toyota Group’s trading arm Tsusho Corporation and SMBC Trust Bank Ltd, according to a report by Moneycontrol.

This marks the Series C round of funding for the four-year-old company that is valued at $213 million, the report added. Names of other investors participating in the round could not be ascertained.

Toyota Tsusho is said to have infused $6.06 million in lieu of 3.01 per cent shares in the company. On the other hand, SMBC Trust Bank has put in another $12.13 million for 6.02 per cent shares, the report added.

Established in 2015, the boom year for startups in India, Shuttl launched an app-based office shuttle service in a bid to overhaul the commuting system. Earlier, it was on-demand taxi services that had disrupted the market.

Ever since its inception, Shuttl has been raising funds to expand its operations. The company is currently present in markets such as Kolkata, Hyderabad, Pune, Mumbai, Delhi-NCR, Bengaluru, Chennai, and Jaipur and claims to have a ridership of over 1 lakh rides per day across these regions.

Earlier, in its Series B round, Shuttl garnered $11 million from Amazon’s Alexa Fund and Dentsu Ventures. Prior to that, in Series A, it raised close to $28 million, led by Lightspeed Ventures, with participation from Times Internet, AdvantEdge Partners and Sequoia Capital.

Shuttl currently operates 1,800 buses and claims to have around 38 per cent of its users as women.

Of late, there has been a spike in urban mobility products and that can be attributed to factors such as rising congestion problems and lack of functional public transportation options, among others. As a result, a slew of app-based mobility products are emerging that are witnessing traction. These include names such as Bounce, VOGO and Yulu.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.