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Toyota-backed bus aggregator Shuttl raising capital from new investor
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Gurugram-based bus aggregator Shuttl is set to raise $8.1 million (about Rs 57.42 crore) as part of its Series C funding round, according to filings with the Registrar of Companies.

Super Highway Labs Pvt. Ltd, which operates Shuttl, is raising the capital from SIG Global India Fund I, LLP. SIG Global is operated by US-based quantitative trading firm Susquehanna International Group.

According to Shuttl’s filings, SIG Global will hold a 3.82% stake in the startup.

The capital infusion gives Shuttl a valuation of $210.56 million, according to VCCircle estimates.

VCCircle has reached out to Shuttl and Susquehanna International Group on the details of the investment and will update this report accordingly.

The development comes a few months after Shuttl raised $18 million in October last year. The company received $6 million from Toyota Motor Corporation and the remaining from SMBC Trust Bank as a trustee of the Mirai Creation Fund II. This was also the Series C round.

The bus aggregator was founded by Deepanshu Malviya and Amit Singh in 2015. It provides shuttle services across more than 50 routes with about 600 buses, averaging around 30,000 rides a day. Shuttl also separately caters to corporate houses.

In January last year, the startup raised $1.3 million in venture debt from Trifecta Capital. That investment came three months after Trifecta provided $1 million to the Gurugram-based startup.

In July 2018, Shuttl raised $11 million in a Series B round of funding from Amazon’s voice innovation investment arm, Amazon Alexa Funds, and Japanese firm Dentsu Ventures. It also inked an all-cash deal with Commut to absorb its local customers and driver partners for its expansion to southern India.

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