Shuttl raises $50m growth investment to provide an affordable, comfortable and safe shared-commute solution to India’s middle class
Delhi, India – 2020: Super Highway Labs Pvt. Ltd (“Shuttl”) is a growth stage mobility player using technology to improve travel for Indian commuters; while reducing car usage, road congestion and pollution across cities.
Shuttl is the ideal commute solution for middle India and the leader in its category
Commuting, urban traffic congestion and air pollution have become serious environmental, social and health problems in India. India has 9 out of the 10 world’s most polluted cities. In addition, the country has one of the lowest density of public transport amongst major countries, making commute difficult and inefficient.
Shuttl addresses commuters with middle income and a repeat use case, and builds the network and technology to solve for them. Its ride-share app offers passengers a guaranteed seat in buses on their commute route, and provides them with safe, comfortable and reliable travel at an affordable price. Since the service started in Delhi NCR , it has scaled rapidly across India thanks to its proven market-fit, affordability and the massive size of the market.
Shuttl completed 20 million rides in 2019, has reached over 100,000 rides per day and operates more than 2,000 daily buses in six cities in India: Delhi NCR, Kolkata, Hyderabad, Pune, Mumbai, and Chennai. Shuttl also materially improves the safety of women, who make up 40% of its users (women represent only c.17% of the workforce in India).
A $50m investment by a strong consortium of international investors to consolidate Shuttl’s market leadership
An international consortium of investors led by Toyota Tsusho and Mirai Creation Fund invested a combined $50m in a series C funding round in the Company. Other investors included Susquehanna International Group, Moving Capital, Proof.vc and Sojitz.
Shuttl will use the proceeds to continue the rapid scaling of its business and consolidate its market leadership. Amit Singh, co-founder and CEO of Shuttl, said: ‘We are extremely excited to have Toyota Tsusho Corporation and Mirai Creation Fund II onboard. Their deep understanding of the mobility sector and strong international presence will be of great value to us.’