App-based office bus service Shuttl has raised a little over $18 Mn (Rs 128 Cr) from a unit of the Toyota Group and Japan’s SMBC Trust Bank as part of its ongoing Series C round of funding.
As per regulatory filings, Shuttl has raised around $6 Mn from the Toyota Tsusho Corp and the remaining $12 Mn from SMBC Trust Bank as a trustee of the Mirai Creation Fund II, backed by Toyota Motor, Sumitomo Mitsui Banking Corp (SMBC) and SPARX Group Co. The company is in the process of raising about $42 Mn (or Rs 297 crore) in the round as per media reports.
With this round, the post-money valuation of Shuttl is estimated at around $200 Mn. The app-based office bus service which is present in six metro cities and claims to operate 1,800 buses. The company has said that it had doubled its revenue to Rs 100 Cr in fiscal 2019 and has recently claimed to have crossed 100,000 rides per day.
Founded in January 2015 by Amit Singh and Deepanshu Malviya, Shuttl had raised $11 Mn in Series B funding led by Amazon India, Amazon Alexa Fund and Dentsu Ventures last year. Existing investors Sequoia Capital, Times Internet and Lightspeed Ventures have also participated in the round.
The investment comes at a time when large global automakers are showing a lot of interest in India’s fast-growing mobility space. Office commute is a big component of the mobility space. Last year, another such startup, MoveInSync Technology Solutions, a Bengaluru based office commute automation platform, had also raised $8 Mn in Series B round of funding led by Nexus Venture Partners.