India's Shuttl, a startup that runs an app-based bus aggregator service, announced that it has raised $36 million in new funding. Toyota Tsusho Corporate and SPARX Group, via its Mirai Creation Fund II, as well as unnamed investors, participated in the Series C funding round. Amazon is also an investor, leading an $11 million Series B funding round last year.
“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 Amit Agarwal, the country manager of Amazon India, at the time.
Four year-old Shuttl has raised about $84.5 million in total so far. The company operates around 1,800 buses that complete nearly 100,000 rides each day within six cities in India. Customers book their rides through the app, and get on the bus at specific stations.
The buses boast various safety features, including an emergency button that slows down the bus until it stops at the nearest bus stop. The company also requires drivers to identify themselves before starting the journey, and take an instant alcohol test. Passengers must also authenticate their identities before they board the bus.
The safety features have made the app a hit with women, Amit Singh, co-founder and CEO of Shuttl, told reports. In fact, more than 40 percent of Shuttl’s passengers are female.
The company will use the new funding to expand into India. Shuttl doubled its revenue in the fiscal year that ended in March, moving past 100 crore Indian rupees ($14 million USD).
“Shuttl has taken the lead in solving for traffic congestion and air pollution through a technology enabled mass transport solution. We look forward to [working] together with them to disseminate relatively energy efficient [Mobility-as-a-Service (MaaS)] solutions, such as Shuttl’s app-based mass transportation service, through our global network," said Shigeru Harada, COO of the automotive division for Toyota Tsusho Corporation.