Founded in April 2015 by Amit Singh and Deepanshu Malviya, Gurgaon-based Shuttl, a bus aggregating platform offering shuttle bus service to commuters across 50 routes in Delhi NCR, has raised $20 million in series A round. The funding round was led by Lightspeed Ventures, Times Internet and existing investor Sequoia Capital. In June, Shuttl had raised $3 million in seed funding from a clutch of investors led by Sequoia.
Shuttl is a technology enabled marketplace which helps connect drivers with the subscribers. The company earns a commission from the subscription money and rest of the amount is retained by drivers and bus owners.
The raised funding will be used for strengthen its technology and for expansion. Since its inception, Shuttl has offered more than 800,000 rides. Currently, it offers 15,000 rides a day and has set a six-month target of 50,000 rides a day with 600-700 buses on the platform. The price points for a ride range between Rs.20 & Rs.100. Its service is available via its Android and iOS app.
At the backend, the firm is looking to leverage technology and data sciences to get better at dispatch frequency, predicting demand curves, better route identification and route optimization.
Other players which operating in this space are Cityflo, rBus and ZipGo among others. In November, Cityflo raised $750k from IDG Ventures to develop the tech product and getting together a stellar team to scale up aggressively. Three days back, Shuttl and Ola’s Shuttle services got suspended in Gurgaon, due to compliance issues with the Regional Transport Authority, further update on this hasn’t come out yet.Category Investments News