Gurugram-based bus aggregator startup Shuttl has continued to add onto its Series C funding round with the latest infusion from a private equity firm, SIG Global India Fund.
According to the Ministry of Corporate Affairs filings accessed by Inc42, Super Highway Labs, the parent company of Shuttl, has raised INR 57 Cr ($7.98 Mn) in its Series C funding round. The company issued 19340 Series C shares at a nominal value of INR 10 with a premium of INR 29,564.25 per share.
In 2019, the company had raised $42 Mn and $18 Mn in two rounds from investors such as Toyota Group’s trading arm Tsusho Corporation and SMBC Trust Bank Ltd acting as a trustee of Mirai Creation Fund II among others. Overall, the company has raised $119.4 Mn from investors like Lightspeed India, Times Internet, AdvantEdge Partners and Sequoia Capital.
Founded in April 2015 by Amit Singh and Deepanshu Malviya, Shuttl provides an app-based office shuttle service in seven metropolitan cities — Kolkata, Hyderabad, Pune, Mumbai, Delhi-NCR, Bengaluru, Chennai, and Jaipur. The company also claims that 80% of its business comes from Delhi/NCR.
It currently claims to enable over 100K rides daily through its premium buses and caters to the large working population of India that yearns for a comfortable, affordable and reliable daily ride to their workplaces and back home.
The company claims that its buses are equipped with smart technology like facial recognition and live CCTV feed to ensure passenger safety. Moreover, in 2017 it had also introduced Shuttl SAFE (Secure Anxiety Free Experience), which provides multiple safety checks to every commuter through embedded technology features.
The company also ran a pilot project to offer meals during its bus rides. As part of this service, it was offering meal services on 50 buses and planned to expand its meal service to its entire fleet of 1,200 buses this year.
The last/first-mile connectivity segment which is up for grabs right now is sparsely populated with players such as Ola, Bounce, Vogo etc. A report by RedSeer Consulting said that the Indian online mobility market, which includes cab aggregator and auto-hailing verticals, contributed over 15% of the industry’s overall gross book value (GBV) in 2017.