Chalo a daily commute solutions startup is in talks to raise Rs. 50 Crore from both parent Xiaomi and Shunwei Capital to raise funds.
Xiaomi and Shunwei going to pick up a 10% stake in the company for around Rs. 50 Crore.
Shunwei Capital has assigned $1 Billion to invest in Indian startups.
In present’s heroic era of innovation day by day startups with innovative approaches are emerging in the market and raising fund is the first and foremost step to enhance business further and assist folks in getting the benefits of new products and services offered to them. In the same move, Chalo a daily commute solutions startup is in talks to raise Rs. 50 Crore from both parent Xiaomi and Shunwei Capital to raise funds.
Shunwei Capital an investment arm of Xiaomi had raised $1.21 Billion in November 2018. The fund has promised to invest approximately $1 Billion in India. Chalo.com is the first startup that is going to be benefited from this fund. Xiaomi and Shunwei are going to pick up a 10% stake in the company for around Rs. 50 Crore.
It is expected that with this fund several initial investors are going to exit from the firm. This investment re-builds the Chinese perspective of getting bullish on applications that majorly focus on tier II and III cities that bring forth the next 500 million users in India to their platforms.
Investment in Chalo is the Xiaomi’s 11th investment in India and this investment would be the 18th investment of Shunwei in Indian startups. Xiaomi and Shunwei have together backed Hungama, Sharechat, KrazyBee, ZestMoney and several others.
Chalo came into existence in 2014 by Mohit Dubey and Vinayak Bhavnani. The startup assists folks to navigate through the daily schedules of trains, buses, and metros in 15 cities. The application also permits users to track their buses and figure out the actual arrival time of buses in real time. The startup provides its facilities in tier II and Tier III cities including Lucknow, Agra, Bhopal, Indore, Jabalpur, Jaipur, Mathura, Kochi, and several others. Chalo is expanding its business widely and trying to assist more and more folks by its application.
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