Urban Mobility Start-Up Shuttl Raises USD 11 Million In Series B Financing Round

Shuttl, a Gurgaon-based urban mobility startup backed by Sequoia Capital, Times Internet, and Lightspeed Ventures, has raised USD 11 mn in a Series B financing round. The round was led by Amazon, in connection with the Amazon Alexa Fund, and Dentsu Venturesalong 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.

Speaking on the occasion, Amit Singh, CEO and Co-Founder, 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.  We're very excited about this new round of investment, and welcome Amazon and Dentsu Ventures to be a part of this exciting journey.”

Amit Agarwal, SVP and Country Head, Amazon India 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."

Paul Bernard, Director, Amazon Alexa Fund, which fuels voice technology start-ups added, "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." 

Shuttl’s smart buses serve 45,000 rides daily in Delhi-NCR and are present in 7 cities across India, including pilots in Kolkata and Pune. Currently the company operates 800 buses and 150 routes. Since buses are more road-space and carbon-efficient than cars, Shuttl’s model is able to reduce congestion and pollution with a single solution. In cities where Shuttl’s service operates, consumers now have a comfortable, reliable, and safe alternative to their cars. This shift from cars to smart buses has potential to transform India’s car-dependent transport sector to a more sustainable one based on shared mobility. In last three years, by digitally enabling drivers-partners and transporters, Shuttl has created and supported 250+ small entrepreneurs in the transport sector. Shuttl also remains committed to adding technology enabled safety features, like face-recognition and live -CCTV feed, which are particularly important for working women.

Shuttl’s work in creating a sustainable urban mobility solution has been recognised in India and internationally. This year Shuttl has won three prestigious awards. In June, Shuttl received UK’s Ashden Award. In April, Shuttl received Urban Innovation Award at the 2018 "Happy Cities Summit” in Amaravati, Andhra Pradesh and signed an MOU with the government to run a pilot in the region which has the potential to impact 3.5 million inhabitants by 2050. Earlier in April, the World Research Institute (WRI) also awarded Shuttl the 2018 ConnectKaro Award for its work in work in improving access to affordable, reliable, safe and smart transport. Recently, Shuttl has also expanded into Kolkata, a decision which is in line with Shuttl’s long-term plans to take its services outside National Capital Region (NCR).