Shuttl had raised $1.3 million in venture debt from Trifecta Capital
Shuttl has also raised $11 Million (INR 76.81 crore) by Amazon India
Shuttl signed an all-cash agreement with Commut
India’s largest bus aggregator ‘Shuttl’ had raised $1.3 million (INR 9.06 crore) in venture debt from Trifecta Capital. The venture debt firm has exceeded its investments in three months after supplying $1 million (INR 7 crore) to the startup. Overall, the company had raised 2.3 million (INR 16.37 crore) around the two rounds of funding early this year.
Last year, The Gurgaon based firm had raised $11 Million (INR 76.81 crore) by Amazon India, Amazon, Alexa and Dentsu Ventures and at present has more than 45,000 rides in its five cities. It has around 200 employees workforce, half of which are in engineering roles. It has also been depending on hyper-local consciousness drivers and ads on its buses to expand its business.
The chief executive and co-founder of Shuttl said, “We see the top seven cities including Pune, Jaipur as our potential markets,” Amit Singh added, “We will continue to improve the consumer encounter, plan an additional path, and reimpose the status of commuting for millions of customers”.
The Jeff Bezos led firm invested in voice-technology companies, “Thousands of peeps use shared transportation alternative for their every day to travel back and forth. Voice substitute a new, suitable way for them to control these types of daily routines, and we look forward to supporting Shuttl as they work to deliver this experience to Amazon Alexa users across India,” said Paul Bernard
The bus aggregator company’s last know external funding took place in 2015 when the company had raised $20 million (INR 140 crore) in a Series A round led by Lightspeed Venture Partners, Sequoia India and Times Internet Ltd.
Shuttl competed with well-funded bus aggregator startups such as ZipGo, which raised a valuable amount in Series B led by the Essel Group last August. Another eminent player was the Cab aggregator company Ola, which sadly shut down its bus services last year.
Last year we also saw the intensified activity and consolidation in the bus aggregation market such as Ola’s departure and UAE-based ride-hailing company Careem’s acquisition of Hyderabad-based bus aggregator company Commut to introduce its services around 100 new cities globally. On the other hand, Shuttl signed an all-cash agreement with Commut to expand its local customers base and driver partners for its enlargement in Southern India.
Recently, India’s biggest bus aggregator Shuttl has arrived the food delivery market by launching meals on buses for daily travellers. The Gurgaon-based company looks forward to monetising its confined customer base. Since its launch last year, the company is planning to raise the offering this year by supplying meals on 1,200 buses, for most of the parts of Delhi-NCR.
Amit Singh, Co-founder, Shuttl said, “Our travellers are requesting food to be served on buses. The items will sell in each ride, shows that around 90 per cent of the people are buying things which prove that there is a demand for them. We are currently focusing on cloud kitchens and building an ordering product to measure this offering.” He also added that the service would be aimed at the travellers, who average use their services 22 times per month.
Singh also mentioned that the company estimates to break even at a working level within a month on the bases of increasing prices, bigger buses, and develop occupancy levels. Selling everyday essentials on buses such as milk, curd, bread, butter, and others would be the new footstep for the company.
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