Shuttl Gets $18 Mn Series C Boost From SPARX, Toyota Tsusho

Shuttl Gets $18 Mn Series C Boost From SPARX, Toyota Tsusho

SUMMARY

Company said it will use the fresh funds to expand its reach in India

The company was reportedly looking to raise $42 Mn in this round

Shuttl provides an app-based office shuttle services

Gurugram-based bus aggregator startup Shuttl on Monday (November 25) announced that it has raised $18 Mn in Series C funding. The company said that the investment has come in from SPARX Group Co. Ltd. (through its Mirai Creation Fund II) and Toyota Group’s trading arm Toyota Tsusho Corporation.

The company said it will use the fresh funds to expand its reach in India, beyond existing six cities including Delhi, Mumbai etc. This raise is part of the ongoing Series C round and takes the total amount raised in this round to $36 Mn, with more investments expected in the near term. Last month, reports surfaced that Shuttl is looking to raise $42 Mn (INR 297 Cr) in a Series C funding round from Tsusho Corporation and SMBC Trust Bank Ltd.

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