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Bus Aggregator Startup, Shuttl To Raise $42 Million From Toyota And Others

In the current round, SMBC Trust Bank and Toyota Tsusho together will put in $12.13 million and $6.06 million, respectively.

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Shuttl, that has recently claimed to have crossed 100,000 rides per day is in the process of raising about $42 million (or Rs 297 crore) in a Series C funding round, according to a Bangalore-based business intelligence platform, Paper.vc.

Shuttl is raising these funds from Toyota Group’s trading arm Toyota Tsusho Corporation, SMBC Trust Bank Ltd acting as a trustee of Mirai Creation Fund II, and other unidentified investors. “The filings disclose that the total Series C financing that the company proposes to raise is approximately $42 million,” said Vivek Durai, founder, of Paper.vc.

After the completion of this round, Gurugram-headquartered Shuttl, which focusses on safe, sustainable and reliable mobility in bigger Indian cities, will be valued at $213 million, up from $150 million (when the company raised about $20 million in March).

In the current round, SMBC Trust Bank and Toyota Tsusho together will put in $12.13 million and $6.06 million, respectively.

Toyota's funding into Shuttl comes at a time when the Japanese auto conglomerate is focussing at a major play in sustainable and future of mobility solutions. The company recently declared Japan-wide roll-out of Toyota Share, a car-sharing service. Globally, Toyota is going to disburse $2.75 billion in batteries, self-driving vehicles, lunar rovers and ride-hailing companies.

Shuttl has raised almost $50 million since its inception in 2015. Its services are available in six metropolitan cities and operate 1,800 buses for daily travellers. The company also asserts a two-time jump in its annual revenue, which has crossed Rs 100 crore in 2018-19.

As per the document, Shuttl’s new investors will invest at a per-share value of Rs 29,564.24. After the culmination of fund-raising, Toyota Tsusho will own 3.01 per cent and SMBC Trust Bank will own 6.02 per cent. The rest large shareholders are supposed to be Co-founder and CEO Amit Singh (with 13.17 percent), Lightspeed India Partners (13.1 percent), CI Investments (11.83 percent), Sequoia Capital (10.84 per cent), co-founder Deepanshu Malviya (8.34 percent), Times Internet (6.96 per cent), Amazon (4.45 per cent), and the remaining 22.28 per cent held by others.

The current fund-raising values of Co-founders Singh and Malviya’s shareholding approximately is at $28 million and $18 million, respectively.


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