Shuttl raises USD 11 Mn In Series B financing round
Gurgaon-based urban mobility startup Shuttl on Monday announced raising funds worth USD 11 million in a Series B financing round.
Led by Amazon, in connection with the Amazon Alexa Fund, and Dentsu Ventures along with existing investors, the investment will help Shuttl consolidate its leadership position in the technology-enabled seat-based bus mobility market.
The investment will also allow Shuttl to expand its geographical reach and serve more consumers across Indian cities, which are severely congested and where commuters have limited reliable, safe and cost-efficient options to commute.
"We have shown that this can be done at scale. We will continue to improve the consumer experience, design more routes, and restore the dignity of commuting for millions of people. We're very excited about this new round of investment, and welcome Amazon and Dentsu Ventures to be a part of this exciting journey," said CEO and co-founder, Shuttl, Amit Singh.
"By taking on the everyday urban commute, Shuttl is solving for a large and relevant customer pain point. Amazon is impressed by Shuttl's journey so far and excited to back missionary founders and management teams," said SVP and Country Head, Amazon India, Amit Agarwal.
"Millions of people use shared transportation options for their everyday commute. Voice represents a new, convenient way for them to manage these types of daily routines, and we look forward to supporting Shuttl as they work to deliver this experience to Amazon Alexa customers across India," said Paul Bernard, Director, Amazon Alexa Fund.
Currently, Shuttl operates 800 buses and 150 routes. In last three years, by digitally enabling drivers-partners and transporters, Shuttl has created and supported 250+ small entrepreneurs in the transport sector.
It also remains committed to adding technology enabled safety features, like face-recognition and live -CCTV feed, which are particularly important for working women.