Gurgaon based bus aggregator, Shuttl has raised $20 Million in Series A round of funding from Lightspeed Ventures, Times Internet and its existing investor Sequoia Capital. The Sequoia Capital was lead investor, when company had rasied $3 Million in seed round of funding back in June this year.
Shuttl is a bus aggregator platform that offers shuttle bus service across 50 routes in Delhi NCR region. The company was started by Amit Singh and Deepanshu Malviya in 2015. The startup uses its technology to connect the bus drivers to the subscribers. It takes some per cent of subscription money, whereas the rest of the money goes to the drivers or owners.
Shuttl will use the freshly raised fund to expand its services and improving its technology. The company has offers more than 800K rides through its platform since its inception. As of now, the startup offers 15,000 rides on daily basis and it is looking to offer 50,000 rides in next six months. The fair of each ride varies from Rs. 20 to Rs. 100. Users can avail its services through company’s Android and iOS app.
Currently, the company faces competition from some other startups in this sector. The names of some other players are Cityflo, rBus, ZipGo and others. Cityflo had raised $750,000 from IDG Ventures to strengthen its technology and expanding services.