App-based bus aggregator Shuttl bags $42 million in series C funding from Japan’s Tsusho Corporation, SMBC Trust Bank, others

With an aim to boost startups Odisha govt announces to set up INR 100 cr fund to provide seed funding
Image Source: HDFC Bank

Shuttl, an app-based bus service has reportedly bagged $42 million (approx INR 297 crore) from Tsusho Corporation and SMBC Trust Bank Ltd, including others through series C funding round, reported Inc42.

According to sources, Toyota Tsusho has reportedly invested $6.06 million for 3.01 per cent, whereas SMBC Trust Bank will be funding $12.13 million 6.02 per cent shares into the Shuttl.

Recently, Shuttl announced that it has crossed INR 100 crore in revenue in the financial year ended March 2019 (FY 2018-19), clocking a 123% year-on-year growth compared with INR 44.8 crore revenue reported in FY18.

For details: App-based bus service platform Shuttl crosses INR 100 cr revenue in FY18-19

With this funding, the company will be valued at $213 million.

Shuttl was founded by Amit Singh and Deepanshu Malviya in 2015. Gurgaon-based Shuttl currently operates its own fleet of shuttle services in 6 cities – Delhi-NCR, Kolkata, Hyderabad, Pune, Mumbai, and Chennai.

Shuttl claims to have a ridership of over 1 lakh rides per day across the six cities it operates in, driven by increased adoption of urban mobility products in the country.

Its app-based service allow commuters to discover routes, purchase passes, reserve a seat, and travel at structured timings at affordable prices.

Shuttl which raised over $50 million since its inception in 2015, currently has a network of over 350 shuttle routes operating 1,800 buses across different locations in India.

Also, the company Shuttl, earlier had expressed that it would spend more than $2.75 billion in batteries, self-driving vehicles, lunar rovers and ride-hailing companies, as a part of the initiative.

Besides Shuttl, some of the significant app-based automobile services include Ola CabsUberRapidoBounceVogoYulu and many more.


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