Shuttl valuation soars to Rs 1,500 Cr with Rs 57 Cr fresh funding

Daily office commute transportation startup Shuttl has been raising funds at regular intervals. After roping in global investors like Toyota, the Gurugram-based startup has raised another funding worth Rs 57 crore from SIG Global India Fund LLP.

According to a regulatory filing made by Shuttl, it has approved 19,341 shares worth Rs 57.2 crore as a part of Series C round to the Wilmington, Delaware-based firm.

Following the fresh transaction, Shuttl's valuation has been projected at about Rs 1,500 crore. The valuation of the company has recorded a little jump from Rs 1,328 crore when it received Rs 128.7 crore in Series C round led by Toyota Tsusho Corporation in October, last year.

Shuttl, which is about to complete five years of operations, has raised close to $90 million across equity and debt round from the likes of Sequoia Capital, Lightspeed Ventures, Amazon, and Dentsu. 

Running a lone battle in this space, Shuttl is likely to deploy the fresh proceeds in enabling more services, including increasing fleet size. With over 1,800 buses, it claimed to have more than 100,000 daily ridership across six cities including Delhi-NCR, Kolkata, Hyderabad, Pune, Mumbai, and Chennai.

As of now, Shuttl covers over 350 routes in the cities it operates and is likely to expand its footprint. Clocking a 123% year-on-year growth, Shuttl reportedly crossed the Rs 100 crore revenue mark for the financial year ending on March 31, 2019.

The details of the company financials are yet to be public.

If we look at the new-age daily office commute transportation space, there has been none with decent scale, except Shuttl. Its early competitor ZipGo had to go out of business after a promising start. 

Shuttl, by and large, is the only firm with multi-city operations in the daily office commute segment. The Amit Singh-led firm directly competes with Mumbai-based Citiflo that provides bus shuttle services locally along with SmartMubaikar.