Sequoia Capital-backed on-demand bus aggregation platform Shuttl has raised $20 Mn (INR 135 Cr) in Series A round. The round was led by Lightspeed Ventures along with participation from Times Internet and existing investor Sequoia Capital.
With this, Bejul Somaia, managing director of Lightspeed India Partners Advisors, will join the board of Shuttl.
The company will use the new proceeds to strengthen its technology and expand to newer geographies.
Launched in April 2015 by Amit Singh along with Deepanshu Malviya, Shuttl offers economic and comfortable shuttle services to commuters across 50 routes in Delhi NCR. The startup is presently operational in Delhi and NCR.
It plans to target 50,000 rides a day with 600-700 buses on the platform. The company claims that it has completed more than 800,000 rides with about 15,000 rides per day.
Somaia said, “What excites us about Shuttl is its opportunity to have massive positive social impact by helping address, the problems of transportation, safety and pollution. Solving daily travel in a safe, affordable and green way has great potential.”
Prior to this, the company had raised $3 Mn in seed funding from Sequoia and others.
Amidst the cash flow, the company is also in trouble with regards to its suspended operations by Regional Transport Authority (RTA) in Gurgaon, just two days back.
The company is also engaging with the relevant stakeholders to work towards the success of the odd-even initiative of Delhi Government.
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