Shuttl raises Rs 24 Cr more in Series C round

Daily office commute transportation startup Shuttl has secured Rs 23.87 crore as part of Series C funding round led by Japan-based Sojitz Corporation in which Compound Partners LLC also participated.

Following the transaction, the company is now valued at about Rs 1523.2 crore or nearly $215 million.

According to regulatory filings made by Shuttl, the company has issued 8075 Series C Compulsorily Convertible Preference Shares to Compound Partners LLC and Sojitz Corporation at a price of Rs 29,574.25 per share.

While Sojitz Corporation invested Rs 21.45 crore for a 1.41% stake, Compound would be holding a 0.16% stake by investing Rs 2.43 crore in the company. 

Shuttl has been raising fresh funds at regular intervals. The new capital for the firm has come just a month after it raised Rs 57 crore from SIG Global India Fund LLP. The Gurugram-based company had kicked off Series C round in November, last year.

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

A lone warrior in this space, Shuttl is likely to deploy the fresh proceeds in enabling more services, including increasing its fleet size. With over 1,800 buses, it claims to have more than 100,000 daily ridership across six cities - 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 March 31, 2019.

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

Shuttl directly competes with Mumbai-based Citiflo that provides shuttle bus services locally along with SmartMubaikar.