Shuttl raises $42 Mn in Series C round from SMBC Trust Bank, Toyota Group


Bengaluru-based bus aggregator startup Shuttl has announced that it has raised around USD 42 million from Japan’s SMBC Trust Bank and Toyota Tsusho Corporation during the ongoing Series C funding round.

Toyota Tsusho Corporation is a unit of Toyota Group. With this funding, the Shuttl is now valued at USD 200 million.

Shuttl provides a seat-based demand-adaptive bus mobility solution that is carbon-efficient, space-efficient, safe, and cost-effective daily-commute alternative for urban India. The company serves over One lakh rides daily, operating in six cities – Delhi NCR, Kolkata, Pune, Mumbai, Hyderabad, and Chennai.

The company has a passionate team of experts working dedicatedly to offer hassle-free services to its riders across the territories and built a wide network of 350+ routes by operating 1,800+ buses across locations. Shuttl has marked over 33 million rides till date with over 1.8 million App downloads. The company has also saved over 50,000 tonnes of CO2 emissions since inception and removes 27,000 cars daily from the congested roads. In a recent announcement, Shuttl has surpassed 100cr revenue in FY2018-19 and grew 2x Y-o-Y.

Shuttl has recently opened its first technology and innovation center in Bengaluru and is planning to hire 100 people by the end of this year.

The investors who have participated in the 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.