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.
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.