Bus shuttle service startup Shuttl is set to close its Series B funding round with $7.23 Mn (INR 49.9 Cr) from Sequoia, Lightspeed and Times Internet.
According to a Ministry of Corporate Affairs filing accessed by Inc42, the company is offering Series B4 CCPS:
- 7,841 Series B4 CCPS to Sequoia at a premium of INR 27,346.20 per share worth INR 21.4 Cr
- 7,841 Series B4 CCPS to Lightspeed India at a premium of INR 27,346.20 per share worth INR 21.4 Cr
- 2,595 Series B4 CCPS to Times Internet at a premium of INR 27,346.20 per share worth INR 7 Cr
The company is expected to receive the funds soon.
Shuttl, launched in 2015 by Amit Singh and Deepanshu Malviya, offers an app-based office shuttle service across major cities such as Kolkata, Hyderabad, Pune, Mumbai, Delhi-NCR, Bengaluru, Chennai, and Jaipur. Shuttl allows its users to book bus seats by choosing the pick up and drop point through its app.
The startup has also introduced a sound wave-based boarding for its commuters. It has also launched safety features for its commuters, named Shuttl SAFE (Secure Anxiety Free Experience), keeping in mind the needs of urban women commuters, and ensure their safety during the travel with Shuttl.
Prior to this round, the company has raised $36.6 Mn in multiple funding rounds from investors such as Sequoia Capital India, Times Internet, Lightspeed Venture Partners, and AdvantEdge Partners. The company also recently started a pilot project to offer meals during its bus rides. As part of this service it is offering meal services on 50 buses and now plans to expand its meal service to its entire fleet of 1,200 buses this year.
The startup claims to provide 60K rides per day and has 80% of its business coming from Delhi/ NCR.
India’s transport tech is one of such sectors that has started gaining interest from investors. India has multiple transport tech startups, 513 to be precise as of November 2018 according to Inc42’s — The State of The Indian Startup Ecosystem 2018 report.
The report also suggested that India’s transport tech segment has pulled in $3.3 Bn between 2014 to 2018 across 135 deals.