India-based on-demand transport service Shuttl has raised $20m in funding from investors including Times Internet, the internet services arm of media company Times of India, VCCircle has reported, citing unnamed sources.
The series A round, which has not been officially confirmed yet, also featured venture capital firm Sequoia Capital and an undisclosed overseas fund. Sequoia and assorted angel investors provided $3m for Shuttl in August this year.
Owned by holding company Super Highway Labs, Shuttl operates a network of 500 buses across 20 routes in Delhi and the National Capital Region. Customers can use its smartphone app to choose a pickup point and destination, book a seat and check times.
The company completes some 8,000 journeys per day, with prices starting at Rs 20 ($0.30).