The Gurugram, Haryana, India-based office commutation app Shuttl on Tuesday (18 Feb) raised INR 23.87 Cr in a Series C funding round led by Japan-based Sojitz Corporation, with participation from Compound Partners LLC, US.
As per the statement given by the Shuttl, Sojitz Corporation invested INR 21.45 crore for a 1.41 percent stake, while Compund invested INR 2.43 crore for a 0.16 percent stake.
The company last month raised INR 57 crore from SIG Global India LLP, and its valuation after the latest funding rounds stands at INR 1523.2 crore (around $215 million).
The company is planning to utilise fresh funds to increase its fleet size and expand its footprint.
Shuttl – in numbers
Shuttl claims to be operating through 1,800 buses, serving 100,000 users daily, covering over 350 routes across 6 cities – Delhi-NCR, Kolkata, Hyderabad, Pune, Mumbai, and Chennai. The company reported INR 100 crore revenue for the FY19.