Bus aggregation platform Shuttl raises $7.2 Million in series B funding round

Key Highlights

Shuttl raises $7.2 Million as a part of its series B funding round.

Revenue of Shuttl rose to three times in financial year 2017-18 to Rs. 44.74 Crore.

Shuttle currently operates in Hyderabad, Faridabad, Gurgaon, Delhi, Pune, Kolkata and Noida.

Gurgaon based bus service startup Shuttl has raised $7.2 Million (Rs. 49.99 Crore) as a part of its series B funding round. It raised the amount from Lightspeed India Partners, Sequoia Capital and Times Internet Limited. According to the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc, Shuttl has issued a total of 18,227 Series B4 compulsory convertible cumulative participative preference shares (CCCPS) of Rs 10 each to Sequoia Capital India Investments IV, SCI Investments V, Lightspeed India Partners I LLC, and Times Internet Ltd.

In this funding round Lightspeed India Partners fueled Rs 21.44 crore, Sequoia Capital invested Rs 10.26 crore, Times Internet put in Rs 7.09 crore and SCI Investments put in Rs 11.18 crore.

Shuttl is planning to use raised fund to expand its geographical area and build up its branches in Pune and Kolkata. Shuttl rose its previous funding of $1.3 Million from Trifecta capital a venture capital fund in first month of this year. 

Shuttl in July 2018 also raised $11 Million fund led by Amazon Alexa Fund, Amazon India and Dentsu Ventures. It used raised funds to expand its business in two new cities by the end of 2018 and also explored its business in their existing markets including Jaipur and Delhi NCR. 

Shuttl came into existence in April 2015 by Singh and Malviya graduates of IIT Delhi and IIT Kanpur respectively. According to information on its platform it provides services to office going folks and it also provides vehicles on rent. Firm is operated by Super Highway Labs Pvt. Ltd and has 800 buses on its platform according to data available till last year. It currently provided it’s services in Hyderabad, Faridabad, Gurgaon, Delhi, Pune, Kolkata and

Noida and is expanding its business to other cities.

It is giving cut throat competition to bus shuttle service providers such as Bengaluru’s ZipGo and Mumbai’s Cityflo, among others. In September, it has acquired Commute’s local operations a mass transportation app including its driver-partners and customers. Revenue of firm rose by three times in Financial year 2017-18 to Rs. 44.74 Crore while in previous year it’s revenue was 14.34 Crore and company losses reduced to Rs. 51.22 crore. It is giving tough competition to all key service providers in this domain.

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