Online minibus service Shuttl has successfully raised an amount of $11 million (about Rs 75 crore) in a series-B financing round. This particular funding was led by Amazon, in connection with the Amazon Alexa Fund, and Dentsu Ventures along with existing investors.
The funds so raised will be utilized for product development, expansion into new cities and marketing. The company is also looking to increase the routes and frequency of its bus shuttle service in Delhi.
Amit Singh, the chief executive officer of Shuttl said, “At Shuttl our mission is to take the pain away from everyone’s commute and reduce congestion in cities via a seat-based smart bus option. 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.”
The company currently has a record of 45,000 rides daily and operates 800 buses and 150 routes. The CEO stated that more than half the clients had switched over from cars or car-based solutions.
Gurugram-based Shuttl is an app-based office bus service which at present exists in seven cities including Delhi-NCR and is in advanced stages of expanding in Pune and Kolkata. A few weeks ago, the company had raised funds from Sequoia Capital, Times Internet and Lightspeed Ventures.
Amit Agarwal, Amazon India’s country head said, “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.”
Apart from this, Paul Bernard who is the director of Amazon Alexa Fund claimed that millions of people, nowadays, opt for shared transportation options for their regular commute. The company is gearing up to expand thoroughly and give a tough fight to the predominant players in the online transport space.