Shuttl, which is a bus shuttle service startup, has now secured around $18 million from the Japan SMBC Trust Bank and the Toyota Tsusho Corporation, a unit of the Toyota Group, according to the report revealed.
The round comes as a part of the online series funding round of C, and with this, the Sequoia Capital-backed bus aggregator is reported to be valued at $200 million.
Shuttl provides a seat-based demand-adaptive bus mobility solution that is carbon-efficient, space-efficient, safe, and cost-effective daily-commute alternative for urban India. The company serves over One lakh rides daily, operating in six cities – Delhi NCR, Kolkata, Pune, Mumbai, Hyderabad, and Chennai. The company has a passionate team of experts working dedicatedly to offer hassle-free services to its riders across the territories and built a wide network of 350+ routes by operating 1,800+ buses across locations. Shuttl has marked over 33 million rides till date with over 1.8 million App downloads. The company has also saved over 50,000 tonnes of CO2 emissions since inception and removes 27,000 cars daily from the congested roads. In a recent announcement, Shuttl has surpassed 100cr revenue in FY2018-19 and grew 2x Y-o-Y.
The company, which has clearly been on an upward spiral, has revealed the launch of its first technology and innovation center in Bangalore, where it has some plans to onboard around 100 employees by the end of this year.