Shuttl Explained

Shuttl
Type:Private
Industry:Transportation
Founded:2015
Founder:Amit Singh and Deepanshu Malviy
Key People:Deepanshu Malviya, Amit Singh
Trade Name:Super Highway Labs Private Limited
Hq Location City:Gurugram
Hq Location Country:India
Area Served:India
Revenue:100 crore (2019)[1]
Products:Mobile app
Services:Urban Mobility

Shuttl is a mobile app based office commute bus aggregator based out of Gurugram, India. The company was founded in 2015. It operates in more than 6 metro cities across the country.[2] [3] [4]

History

The company was founded by Amit Singh and Deepanshu Malviya. Shuttl began intra-city bus fleet operations in 2015 within Delhi-NCR.[5]

In 2019, the company clocked ₹100 crore in revenues in FY 2019.[6]

In 2021, the company was acquired by Chalo in an all-cash transaction.[7] [8]

Funding

Shuttl raised its first round of funding in 2015 and has since then attracted several marquee investors including Sequoia, Lightspeed, Times Internet, Amazon India, Toyota Tsusho among others.[2] [9] [10] In November 2019, Shuttl raised $36 million in funding from Toyota Tsusho Corporate and SPARX Group, through its Mirai Creation Fund II, as well as some unnamed investors.[11]

In 2020, Shuttl raised ₹23.87 crore in Series C funding round led by Sojitz Corporation with participation from Compound Partners LLC.[12]

Awards

In June 2018, Shuttl was felicitated in the sustainable mobility category at the International Ashden Awards held in London.[13] [14]

Earlier, in November 2017, in the FICCI Road Safety Awards, the firm had won the Special Jury Award in the category of Road Safety Product and Solution.[15] [16]

See also

Notes and References

  1. News: Shuttl crosses ₹100 crore revenue in FY19 with 100k daily riders . Mint. 7 June 2020. 15 October 2019.
  2. News: Shuttl raises $11 million funding from Amazon India, others . Mint. 7 June 2020. 30 July 2018.
  3. News: Shuttl records 100,000 daily rides on its platform . The Economic Times. 7 June 2020. 16 October 2019.
  4. News: Shuttl to ride into four new cities soon . 7 June 2020. 10 May 2016.
  5. News: Bus Aggregator Shuttl Launches New Security Experience – Shuttl SAFE . 7 June 2020. 25 July 2017.
  6. Web site: SH . Salman . 2019-10-15 . Shuttl crosses ₹100 crore revenue in FY19 with 100k daily riders . 2023-03-02 . mint . en.
  7. Web site: Chalo buys two-wheeler rental startup Vogo in second acquisition over six months . 2023-03-02 . Moneycontrol . en.
  8. Web site: Singh . Manish . 2021-10-26 . India's Chalo acquires Amazon-backed bus aggregator Shuttl . 2023-03-02 . TechCrunch . en-US.
  9. Web site: Toyota-backed bus aggregator Shuttl raising capital from new investor . VCCircle. 7 June 2020. 15 January 2020.
  10. News: Shuttl gets latest round of funding from Amazon; here's how the startup is making daily commutes smooth . 7 June 2020. 13 August 2018.
  11. Web site: India's Shuttl raises $36M to expand its app-based bus aggregator. 2020-11-18. TechCrunch. 25 November 2019 . en-US.
  12. Web site: Mittal . Aarzoo . 2020-02-18 . Shuttl raises Rs 24 Cr more in Series C round . 2023-03-02 . Entrackr . en-US.
  13. News: India's sustainable energy superheroes shine at the Ashden Awards . 7 June 2020. 13 June 2018.
  14. Web site: Shuttl - Ashden Award Winner 2018 - Ashden . 7 June 2020.
  15. Web site: FICCI Road Safety Awards 2017 Citation . https://web.archive.org/web/20200608192310/http://ficci.in/events/23514/ISP/FICCI-Road-Safety-Awards-2017-Citation.pdf . 2020-06-08 . 7 June 2020.
  16. News: Shuttl launches safety feature for its passengers . www.businesstoday.in. 7 June 2020. 26 July 2017.

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