Shuttl raises $18 million from SPARX Group and Toyota Tsusho Corporation; plans to expand its presence across India
The company doubled its revenue after crossing INR 100cr at the end of FY19
Super Highway Labs Private Limited (Shuttl), an urban mobility innovator and the largest app-based mass transportation service provider in India, has announced that it has raised fresh capital from SPARX Group Co. Ltd. (through its Mirai Creation Fund II) and Toyota Tsusho Corporation. The company has raised a total of $18 Mn as part of its series – C round of funding from both the entities.
Shuttl, which has been on an expansion spree from past several months, had recently announced the launch of its technology centre in Bangalore along with a couple of new routes in cities like Kolkata, Delhi and Chennai as part of its growth strategy. With its newly raised funds, the company is further planning to grow within and beyond its existing 6 cities where it currently operates.
Masatoshi Fukami, Representative Director, Executive Deputy President of SPARX Group as General Partner of the Mirai Creation Fund II said, ‘We are excited to invest in Shuttl as it leads the innovation in the next generation of mass transport mobility solutions.’
Shigeru Harada, Chief Operating Officer for Automotive Division of Toyota Tsusho Corporation said, ‘Shuttl has taken the lead in solving for traffic congestion and air pollution through a technology-enabled mass transport solution. We look forward to work together with them to disseminate relatively energy-efficient MaaS solutions, such as Shuttl’s app-based mass transportation service, through our global network’.
Amit Singh, co-founder and CEO of Shuttl said, ‘We are extremely excited to have Toyota Tsusho Corporation and Mirai Creation Fund II onboard. Their deep understanding of the mobility sector and strong international presence will be of great value to us.’
Shuttl is a technology-enabled, seat-based, demand-adaptive bus mobility innovator with a demonstrated ability to directly address dual challenges of congestion and pollution. It currently operates across 6 cities and does over 100,000 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. By moving people most efficiently, Shuttl offers an urban mobility alternative that is affordable, cleaner, and greener and utilizes limited road resources judiciously.
Shuttl’s existing investors include Sequoia Capital, Lightspeed India Partners, Times Internet, Amazon and Dentsu, amongst others.