Liquidity Events
Bus tracking app Chalo buys premium bus service platform Shuttl; investors exit
Mumbai-based Chalo, an app that helps track buses and get digital bus tickets across cities, has acquired Gurugram-based Shuttl, a premium bus service for office goers backed by Amazon. The all-cash deal enables Chalo to enter the premium bus service segment and expand overseas. Shuttl, which used to fulfil about 100,000 rides daily pre Covid through 2,000 buses across Delhi-NCR, Kolkata, Hyderabad, Pune and Mumbai, and international cities like Bangkok, could not survive the consecutive waves of the pandemic. All its investors have exited the company with a huge haircut.
From the Venture Intelligence PE-VC Deal Database: Between Jul-15 and Oct-19, Shuttl raised nearly $80-M from Susquehanna International Group, Sparx Group, Toyota Tsusho, Trifecta Capital, Lightspeed Ventures, Sequoia Capital India, Dentsu Ventures, Amazon, AdvantEdge Partners and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.) Between Dec-17 and Oct-21, Chalo raised funding from Filter Capital, The Raine Group, WaterBridge Ventures, Lightrock India, Burman Family Office, Xiaomi, Shunwei Capital, AdvantEdge Partners, VH Capital and others.
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