Shuttl raises Rs 49.99 cr led by Sequoia Capital, Lightspeed, SCI Investments, and Times Internet
Gurugram-based bus aggregator Shuttl has raised Rs 49.99 crore (approximately $7.23 million) as part of its Series B funding. According to the company's filings with the Registrar of Companies (RoC), Sequoia Capital India invested Rs 10.26 crore, SCI investments put in Rs 11.18 crore, Lightspeed India Partners invested Rs 21.44 crore, and Times Internet put in Rs 7.09 crore in this round.
In July last year, Shuttl had raised $11 million funding led by Amazon and Dentsu Ventures. Sequoia Capital, Times Internet, and Lightspeed Ventures had participated in that round of funding.
The investment will allow Shuttl to expand its geographical reach, and serve more consumers across Indian cities. The team intends to begin expanding in Pune and Kolkata.
The Shuttl platform, as of last year, was offering close to 45,000 rides a day, with over 700 buses and 150 routes in seven cities across the country. The service is available through a mobile app; there are three steps to book the service: open an account on the app, pick a boarding point, drop point, and time of commencement, and get your ride pass.
Amit and Deepanshu, the Co-founders of Shuttl.
The subscription model charges a customer between Rs 1,800 and Rs 2,000 for a monthly pass of 20, 30, and 40 rides in a month. Drivers are paid for every trip they make, with an average payment of Rs 5,000 for two trips. Irrespective of the number of trips a customer makes, the driver is paid, and so are commissions.
Last year, Shuttl's post-operational revenue was at Rs 14.34 crore and net loss stood at Rs 59.07 crore. Shuttl raised its first round of funding within three months of operations. Prior to the $11 million funding, it had previously raised $20 million led by Sequoia Capital.
In August last year, Bengaluru-based bus aggregator ZipGo raised funding of Rs 300 crore led by Essel Green Mobility Ltd (EGM), and was looking to enter the electric vehicle space.