Shuttl Raises US$ 18M In Series C Round Lead By Toyota And SMBC trust Bank of Japan

Shuttl

Shuttl, a bus service providing startup has recently raised US$ 18 Million (nearly INR 128 Crores) from SMBC trust Bank of Japan and a unit of Toyota, named Toyota Tsusho Corporation. This funding is a part of the company’s Series C funding round and thus has improved the overall worth of Shuttl. Now, the company is worth US$ 200 million. 

Tech Geeks as Founders

Shuttl is an idea of Amit Singh, CEO of Shuttl and Deepanshu Maliviya, co-founder who have obtained their tech degrees from the prestigious Indian Institute Of Technology’s and later founded Shuttl in the year 2015.

Shuttl completes nearly 100,000 rides daily, which is a good number and has seen tremendous growth over time. This bus service based start-up is giving a tough fight to the established transport giants. 

So far, it is operating 1800 buses in major metro cities like Kolkata, Mumbai, Hyderabad, Chennai, and Delhi-NCR.

The Future Roadmap Of Shuttl

The company has announced the launch of its first tech and research center in Bangalore which will prove to be quite advantageous for it from an R&D standpoint which is the backbone of this tech-enabled startup. The startup has plans of recruiting around 100 employees for this new project by this year-end. The company also has a full-fledged plan of doubling its frequency in Chennai in the upcoming year. 

Renowned Investors backing the Innovative Startup

Shuttl has been backed by several leading investors out there. Few of them are Amazon, Dentsu, Lightspeed Ventures, etc.

Earlier this year in April, Super Highway Labs which owns the bus aggregator platform raised INR 41 crores as a part of Series B funding round. 

This bus service startup is swiftly progressing towards greater heights. 

About AsiaTechDaily Writer

ASIATECH DAILY, A NEWS PLATFORM FOR ASIA GREATER START-UPS WITH A FOCUS ON PROMISING PROJECTS.

View all posts by AsiaTechDaily Writer →

Leave a Reply

Your email address will not be published. Required fields are marked *

3 × 5 =