Super Highway Labs Private Limited, the company that runs ‘Shuttl’ has raised $18 million from SPARX Group Co. Ltd. (through its Mirai Creation Fund II) and Toyota Tsusho Corporation. This is part of the company’s ongoing Series C round and takes the total amount raised in this round to $36 million, with more investments expected in the near term.
Shuttle is an urban mobility innovator and the largest app-based mass transportation service provider in India. It is a technology-enabled, seat-based, demand-adaptive bus mobility innovator. It currently operates across six cities and does over 100,000 rides daily through its premium.
“Shuttl has taken the lead in solving for traffic congestion and air pollution through a technology-enabled mass transport solution. We look forward to work together with them to disseminate relatively energy efficient MaaS solutions, such as Shuttl’s app-based mass transportation service, through our global network,” Shigeru Harada, Chief Operating Officer for Automotive Division of Toyota Tsusho Corporation said in a statement.
It recently announced the launch of its technology centre in Bengaluru along with a couple of new routes in cities like Kolkata, Delhi and Chennai as part of its growth strategy. With its newly raised funds, the company is further planning to grow within and beyond its existing 6 cities where it currently operates.
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.’
Shuttl’s existing investors include Sequoia Capital, Lightspeed India Partners, Times Internet, Amazon and Dentsu, amongst others.