Shuttl, an app-based bus service 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, cited Mint.
While, in FY18, Shuttl incurred an overall expenditure of INR 103.8 crore and reported a net loss of INR 51.2 crore.
“We attribute our sustained growth to our riders and uniquely designed services that we are offering them. Our endeavor is to deliver a safe, reliable and environmentally sustainable mobility for urban India, and by attaining one lakh daily ridership, we are confident that our constant efforts to enhance asset utilization, lowering transportation costs and improving rider convenience will help us transform the mobility landscape of cities in future,” Amit Singh, Co-chief executive of Shuttl said.
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.
Shuttl also claims to have completed over 33 million rides till date. Around 38% of Shuttl users are women.
Some of the significant app-based automobile services include Ola Cabs, Uber, Rapido, Bounce, Vogo, Yulu and many more.