FundingBusiness News

Shuttl raises INR 49.9 crore from Sequoia Capital, Lightspeed and Times Internet

1

Founded in 2015, the Gurugram based bus service provider Shuttl flourished its services. The Company raised investments as a part of series B funding recently worth of INR 49.9 crore. The major investors were Sequoia Capital, Lightspeed India Partners, and Times Internet.

Read about: Sequoia Capital invests in BharatPe

Sequoia Capital and Lightspeed India Partners both invested INR 21.4 crore. The third investor Times Internet contributed INR 7.09 crore. The Companies support the startups with series A expansion stage.

 

Shuttl raises INR 49.9 crore from Sequoia Capital, Lightspeed and Times Internet

Shuttl raises INR 49.9 crore from Sequoia Capital, Lightspeed and Times Internet

The team prefers to invest in technology-based firms. The data-analytics services act as a key to their strategy building.

 

Prior to this round Shuttl also closed a Series B funding round led by Amazon Team. Amazon India, Amazon Alexa Fund and Dentsu Ventures were the major participants. The round took place in July last year for a worth of $11 million.

The Gurugram based firm operates in the regions of Delhi, NCR, Hyderabad, and Pune. Till last year the total fleet of 700 buses and 150 routes in seven cities. The effective management made 60,000 rides in a day.

Also, the three easy steps of booking the service generate a ride pass which in a way fosters comfortable commuting facility. The subscription model allows benefits to the customers and drivers. Last year the Company’s revenue was INR 14.34 crore but the net loss stood to INR 59.07 crore.

What to expect after investment?

The investment will, however, allow the management team to expand its geographical reach. The Company will also benefit from a larger pool of loyal customer base. The major cities of attraction are however Pune and Kolkata. The firm has also indulged into the food delivery sector with the launch of meals on buses.

The Company’s 80% business, however, comes from the Delhi-NCR region. The strategy to monetize the captive customer base allowed its revenue to reach INR 53 crore in FY 2017-18.

 

1 Comment

Leave a reply

Your e-mail address will not be published. Required fields are marked *

More in Funding