Amazon-backed intracity bus aggregator Shuttl has raised a little over $18 million (Rs 128 crore) from a unit of the Toyota Group and Japan’s SMBC Trust Bank as part of its ongoing Series-C round of funding. 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.
Regulatory filings showed Shuttl has received $6 million from the Toyota Tsusho and the remaining $12 million from SMBC Trust Bank as a trustee of the Mirai Creation Fund II.
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.
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.
Earlier, in March, Shuttl had raised Rs 49.99 crore from Sequoia Capital India, SCI Investments, Lightspeed India Partners, and Times Internet.
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