[Funding alert] Shuttl raises $18M in Series C from Toyota, Japan’s SMBC Trust Bank
Bus-shuttle service startup Shuttl has raised around $18 million (about Rs 128 crore) from Japan’s SMBC Trust Bank (acting as a trustee of Mirai Creation Fund II) and Toyota Tsusho Corporation, a unit of Toyota Group, according to the company’s filings with the Registrar of Companies.
The round comes as part of Shuttl’s ongoing Series C funding round, and, with this, the Sequoia Capital-backed bus aggregator is reported to be valued at $200 million.
Amit Singh and Deepanshu Malviya
According to the regulatory filings accessed by YourStory, the latest fundraise saw Toyota Tsusho Corporation investing around $6 million (Rs 42 crore approx.), while SMBC Trust Bank invested $12 million (Rs 85 crore approx.).
Founded by two IITians—Amit Singh, Co-founder and CEO, Shuttl, and Deepanshu Malviyia, Co-founder—in 2015, the startup completes over one lakh rides daily and operates over 1,800 buses in Delhi-NCR, Kolkata, Pune, Mumbai, Hyderabad, and Chennai.
The company, which has clearly been on an upward spiral, recently announced the launch of its first technology and innovation centre in Bengaluru, where it plans to on board over 100 employees by the year-end.
Backed by other investors such as Lightspeed Ventures, Amazon, and Dentsu, the startup has recently been on a funding spree. Only in April this year, Super Highway Labs, which runs and owns the bus aggregator platform, had raised Rs 41 crore (as part of Series B funding) from a slew of investors led by Proof.VC.
Among the participating investors in that round were Sabre Investments, Karun Carpets, Exponential 1 Mobility, Trifecta Capital, and BCCL (Times Internet parent) MD Vineet Jain, and Mu Sigma's Co-founder and former CEO Ambiga Subramanian.
Earlier, in the last week of March, Shuttl had raised Rs 49.99 crore from Sequoia Capital India, SCI Investments, Lightspeed India Partners, and Times Internet.
(Edited by Athirupa Geetha Manichandar)