Shuttl raised Rs 41 crore from BCCL's Vineet Jain along with data analytics company Mu Sigma's former CEO Ambiga Subramaniam, the US-based fund Proof.vc. and others.
Shuttl, which provides pooled bus rides to offices, has raised Rs 41 crore from Bennett Coleman and Company Limited (BCCL) Managing Director Vineet Jain along with data analytics company Mu Sigma’s former chief executive officer Ambiga Subramaniam, the US-based early-stage venture capital firm Proof.vc. and others. Shuttl was launched by former Jabong’s executives Amit Singh and Deepanshu Malviya in 2015.
A total of 14,976 Series B4 compulsorily convertible cumulative participative preference shares were allotted as per the resolution passed by the board of directors on April 18, 2019, showed regulatory filing sourced by business signals platform Paper.vc.
Vineet Jain made the maximum investment of Rs 7 crore, after Proof.vc that poured Rs 13.3 crore in the round. 4,893 and 2,595 shares were allotted to Proof.vc and Vineet Jain respectively.
India-focused private equity fund Sabre Partners, venture debt fund Trifecta Capital, engines and heavy equipment makes Greaves Cotton’s promoter Karun Carpets, and Exponential 1 Mobility also participated in the round.
Shuttl has been galloping capital at a rapid pace with as many as five rounds of fundraising occurring in last nine months. In July last year, Shuttl had raised $11 million from Amazon, Dentsu, and Alexa Fund in its Series B round followed by $1 million in October and around $1.4 million in January this year in debt financing from Trifecta Capital. In March, it raised $50 crore for existing Series B round, as per deals tracker Crunchbase.
Shuttl’s other investors include Sequoia Capital India, Lightspeed India Partners etc. As of August last year, Shuttl was running around 800 buses on 150 routes, largely in the National Capital Region and served 45,000 users daily and offered 5 million rides a month, Financial Express had reported.
The start-up earns revenue via subscription where it charges Rs 65 to Rs 120 per ride based on the commute distance, usually 20-70 km.
Shuttl’s regulatory filing for FY17 saw revenue increased 7x from Rs 2.23 crore in 2016-17 to Rs 14.34 crore in FY 2016-17. However, its net loss also went up to Rs 59.07 crore in 2016-17 from Rs 52.54 crore in the preceding financial year.