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Exclusive: Shuttl to raise $42 million from Toyota, others

After the latest round of funding, the bus aggregator will be valued at $213 million.

October 29, 2019 / 06:22 PM IST

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

Shuttl is raising funds from Toyota Group’s trading arm Toyota Tsusho Corporation, SMBC Trust Bank Ltd acting as trustee of Mirai Creation Fund II, and other unknown investors, documents seen by Moneycontrol reveal.

“The filings indicate that the total Series C financing that the company proposes to raise is approximately $42 million,” said Vivek Durai, Founder, Paper.vc.

After the completion of the latest round of funding, Gurugram-headquartered Shuttl, which focuses on sustainable mobility in Indian metros, will be valued at $213 million, up from $150 million, when it raised about $20 million in March.

In the current round, Toyota Tsusho and SMBC Trust Bank will put in $6.06 million and $12.13 million, respectively. The remaining investors are not yet known.

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Toyota funding into Shuttl comes at a time when the Japanese auto conglomerate is looking at a major play in sustainable and future of mobility solutions. The company recently announced rollout of Toyota Share, a car-sharing service provided, in Japan.

Globally, Toyota is going to spend $2.75 billion on batteries, self-driving vehicles, lunar rovers and ride-hailing companies.

Shuttl has raised almost $50 million since it began operations in 2015. It is available in six metropolitan cities, and operates 1,800 buses for daily commuters. The company has also claimed a two-fold jump in its annual revenue, which crossed Rs 100 crore in 2018-19.

According to the document, Shuttl’s new investors will invest at Rs 29,564.24 per share. After the completion of fund-raising, Toyota Tsusho will own 3.01 per cent and SMBC Trust Bank will own 6.02 per cent in the company.

The other large shareholders will be co-founder and CEO Amit Singh (13.17 per cent), Lightspeed India Partners (13.1 per cent), CI Investments (11.83 per cent), Sequoia Capital (10.84 per cent), Co-Founder Deepanshu Malviya (8.34 per cent), Times Internet Limited (6.96 per cent), Amazon (4.45 per cent), and the remaining 22.28 per cent will be held by others.

The current fund-raising values co-founders Singh’s and Malviya’s shareholding approximately at $28 million and $18 million, respectively.start
Sunny Sen
first published: Oct 29, 2019 10:27 am
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