Shuttl to raise $42 million from Toyota, others, at $213 million valuation
Updated : October 29, 2019 07:49 AM IST
Shuttl is raising the funds from Toyota Group’s trading arm Toyota Tsusho Corporation, SMBC Trust Bank Ltd acting as trustee of Mirai Creation Fund II, and other unknown investors.
After the completion of this round, Gurugram-headquartered Shuttl, which focuses on safe, reliable and sustainable mobility in bigger Indian cities, will be valued at $213 million, up from $150 million (when the company raised about $20 million in March).
Shuttl has raised almost $50 million since it began operations in 2015. Its services are available in six metropolitan cities, and operates 1,800 buses for daily commuters.