Shuttl raises $18 mn from SPARX Group, Toyota Tsusho Corporation

Bus aggregator Shuttl on Monday said it has raised USD 18 million (over Rs 129 crore) in funding from SPARX Group Co Ltd and Toyota Tsusho Corporation. Super Highway Labs - which operates Shuttl has raised the said amount as part of its series C funding round from SPARX Group Co Ltd (through its Mirai Creation Fund II) and Toyota Tsusho Corporation, a statement said.

With the newly raised funds, the company is further planning to grow within and beyond its existing six cities where it currently operates, it added. The Amazon-backed company currently operates across six cities - Delhi-NCR, Kolkata, Pune, Mumbai, Hyderabad and Chennai. It serves over one lakh rides daily by operating over 350 routes and 2,000 buses.

Its other investors include Sequoia Capital, Lightspeed India Partners, Times Internet and Dentsu. "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," Amit Singh, co-founder and CEO of Shuttl, said.

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