2030 Finance | April 30, 2019

India commuter-bus network Shuttl raises $5 million

Dennis Price
ImpactAlpha Editor

Dennis Price

ImpactAlpha, April 30 The Gurgaon-based firm manages a network that runs 30,000 commuter shuttles a day in seven India cities. Shuttl raised $5 million (about Rs 35 crore) from U.S. venture capital firm New Atlantic Ventures, reports TechCircle, after raising $7.2 million last month from Sequoia Capital India, Lightspeed India Partners, Times Internet and other investors. Amazon’s $100 million voice-tech Alexa Fund is also an investor.

Shuttl pledged to add 300 electric buses to its fleet by next year as part of the Climate Group’s EV100 campaign. Electric vehicles “are the future of mobility and Shuttl is keen to play a key role in the adoption of electric buses in India, which will help further reduce emissions,” said Shuttl’s Amit Singh.

Another Indian bus provider, ZipGo, raised $29 million last year to transition its fleet to all-electric busses.