Within three months of raising Rs 7 crore debt fund from Trifecta Capital, Gurugram-based bus aggregator Shuttl has raised another Rs 10 crore in debt from the Venture debt firm.
The Sequoia Capital-backed startup had also scooped up $11 million Series B round led by Amazon India, Amazon Alexa Fund and Dentsu Ventures, in July last year.
According to a document filed with RoC accessed by data research platform paper.vc, the fresh capital came on January 10. The back to back fundraising signals Shuttl’s rapid expansion plan in newer cities as it looks to compete with closest rival ZipGo in daily commute segment.
According to info on its website, Shuttl operates in nine cities including Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, and Jaipur in the consumer and enterprise segments and does a little over 60,000 rides a day.
To expand its offering, Shuttl also took over customers and drivers of Hyderabad-based Commut when Dubai-based ride-hailing app Careem acquired its technology and talent.
Founded in April 2015 by Amit Singh and Deepanshu Malviya, Shuttl offers intracity transport powered by enhanced technology such as sound authentication system, home check, and ride-sharing features for better consumer experience.
With over 300 employees, Shuttl runs a fleet size of more than 1,000 vehicles in Delhi NCR only. Apart from B2C, it serves more than 500 clients like Nagarro, United Health Group, Fidelity, GMR, among others in B2B domain.
Industry experts believe that the bus aggregating platforms will become profitable when they operate at full or near-full occupancy. This is possible if they target the peak hours and accurately predict and meet the demand of customers keeping their convenience in mind.
Of late, Shuttl and ZipGo have emerged as leaders in solving the pain of daily commute.