[Funding alert] Bus aggregator startup Shuttl raises Rs 57 Cr from SIG Global India Fund

In 2019, the Gurugram-based startup had raised about Rs 128 crore from Japan’s SMBC Trust Bank and Toyota Tsusho Corporation.

[Funding alert] Bus aggregator startup Shuttl raises Rs 57 Cr from SIG Global India Fund

Monday February 17, 2020,

2 min Read

Bus aggregator startup Shuttl has raised Rs 57 crore ($7.98 million) as part of its Series C round of funding led by SIG Global India Fund.

According to the RoC filings with the Ministry of Corporate Affairs accessed by YourStory, the private equity firm has invested funds in Shuttl’s parent company Super Highway Labs. Shuttl has issued 19,340 Series C shares at a nominal value of Rs 10 with a premium of Rs 29,564.25 per share.

Last year in October, the Gurugram-based startup had 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.


Amit Singh and Deepanshu Malviya

To date, Shuttl has raised $119.4 million from investors such as Lightspeed India, Times Internet, AdvantEdge Partners, and Sequoia Capital.

Founded by two IITians — Amit Singh, Co-founder and CEO, and Deepanshu Malviyia, Co-founder — in 2015, the startup operates over 1,800 buses in the Delhi-NCR, Kolkata, Pune, Mumbai, Hyderabad, and Chennai.

It currently claims to complete over one lakh 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.

In 2017, the company had also announced the launch of its first technology and innovation centre in Bengaluru.

In April 2019, the bus-shuttle service startup raised Rs 41 crore (as part of Series B funding) from a slew of investors led by Proof.VC. Among the participating investors were Sabre Investments, Karun Carpets, Exponential 1 Mobility, Trifecta Capital, BCCL (Times Internet parent) MD Vineet Jain, and Mu Sigma's Co-founder and former CEO Ambiga Subramanian.

In March 2019, Shuttl had raised Rs 49.99 crore from Sequoia Capital India, SCI Investments, Lightspeed India Partners, and Times Internet.

(Edited by Suman Singh)