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 focusing 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.
Read more here
Join us November 13-15 for the Property Portal Watch Conference Madrid 2019.