Bus aggregator Shuttl is in the process of raising a $20 million round. The first tranche of this has already come in late March 2019.
Sequoia Capital and Lightspeed Ventures had led a Rs 42.9 crore round in Shuttl with Rs 21.45 crore worth investment via purchase of 7,841 Series B4 CCCPPS (worth Rs 27,356.2/share) each.
Now buying stakes in the same class of preference shares PROOF.VC has led a round worth Rs 40.97 crore with a Rs 13.38 crore worth investment (via 4,893 shares).
Other institutional investors in the round included Sabre Investments, Karun Carpets, Exponential 1 Mobility, and Trifecta Capital with cheques ranging between Rs 2-7 crore.
Vineet Jain, Managing Director at BCCL the parent of Times Internet, invested Rs 7.1 crore ($1 million) in the company via 2,595 shares of the very class in his personal capacity. Ambiga Subramaniam, Mu Sigma cofounder also participated in the tranche with a Rs 2.08 crore investment.
It’s worth noting that Times Interner Limited has been investing in Shuttl since Series A round..
While there were reports in media that New Atlantic Ventures was leading the second tranche worth $5 million, after the $7 million initial tranche; the VC is yet to invest in the firm, and tranche is closer to $7 million than the predicted figure.
This way, the investment in the firm has reached almost $14 million in the past one month.
This funding comes at a time when Shuttl’s biggest competitor ZipGo is about to shut down after a halt in a Rs 300 crore funding from Essel Group due to the investor’s own pickle.
This will give Shuttl a greater leverage in the market with an abundance of funds to increase not just its fleet size, but also the facilities on the platform like provision of food. The remaining shall unravel with the passage of time.