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.