Shuttl receives INR 135 crore for upgrading technology


 

Shuttl, the well known bus aggregator, has recently secured funding to the tune of INR 135 crore for upgrading technologies.

 

Fund for Shuttl

Image Source:http://i.investopedia.com/dimages/graphics/fund.jpg

 

Shuttl is a well known bus aggregation platform looking to make the most of new Governmental policies to discourage transportation by new or 2nd hand cars and improve public transportation facilities. The company has secured $20 million in funding for boosting technology and also for further expansion as per Amit Singh, its co-founder. Lightspeed Ventures led the round and others included existing investor Sequoia Capital and Times Internet. The company had earlier raised $3 million as seed funding from multiple investors led by Sequoia Capital.

 

Shuttl started operations eight months earlier and will use funding for optimizing its network and predictability in addition to covering other cities beyond Delhi-NCR. The company is also looking at cashing in on the back of the odd-even rule in the Capital. Daily commuting problems are sought to be addressed by the company. The company is targeting 50, 000 rides every day within 6 months with 600-700 buses on its platform. The current figure stands at 15, 000 rides every day.

 

The company makes use of specialized tech algorithms including conductor-less traveling, swipe on-boarding and time slicing. The company makes use of comprehensive data modeling on traffic patterns and is looking at introducing more buses on suitable routes along with scaling up services.

 

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