App-based bus aggregator Shuttl on Monday raised $18 million from SPARX Group (through its Mirai Creation Fund II) and Toyota Tsusho Corporation, as part of its Series C round of funding.
Shuttl, which has been on an expansion spree from the past several months, had recently announced the launch of its technology centre in Bengaluru along with a couple of new routes in cities like Kolkata, Delhi and Chennai as part of its growth strategy. The freshly raised funds will be used to further grow within and beyond its existing six cities where it currently operates, the company said in a statement. These include Delhi-NCR, Kolkata, Hyderabad, Pune, Mumbai, and Chennai.
Amit Singh, co-founder and CEO of Shuttl said: ‘We are extremely excited to have Toyota Tsusho Corporation and Mirai Creation Fund II onboard. Their deep understanding of the mobility sector and strong international presence will be of great value to us.’
Founded by two IITians – Amit Singh and Deepanshu Malviya — the company claims to have served over 1 lakh rides daily by operating over 350 routes and 2,000 buses in the six cities it operates in.
Shigeru Harada, Chief Operating Officer for Automotive Division of Toyota Tsusho Corporation said, “Shuttl has taken the lead in solving for traffic congestion and air pollution through a technology-enabled mass transport solution. We look forward to work together with them to disseminate relatively energy efficient MaaS solutions, such as Shuttl’s app-based mass transportation service, through our global network.”
Shuttl’s existing investors include Sequoia Capital, Lightspeed India Partners, Times Internet, Amazon and Dentsu, amongst others.
The company doubled its revenue after crossing ₹100 crore at the end of financial year 2019, clocking a 123% year-on-year growth compared with ₹44.8 crore revenue reported in FY18.
Source: Mint