Bus transport technology startup Chalo on Tuesday announced that it has acquired app-based office commute bus aggregator Shuttl in an all-cash deal. The acquisition comes days after Chalo’s announcement of its Series C funding round of about $40 million. The Mumbai-based startup has more than 15,000 buses live on its platform. The Chalo app can be used to buy bus tickets and passes, or be used to scan QR codes in buses to pay digitally for tickets. Meanwhile, Shuttl, the premium office bus service, will continue to use its brand name and the team will continue under their existing roles.
“We are delighted to join hands with the Shuttl team. We have shared a common passion to solve the daily commute problem, and we have strong synergies in our values and approach. We have great respect for the team and the business they have built,” said Mohit Dubey, Co-founder and CEO, Chalo.
Before the pandemic, Shuttl had a presence in large Indian metros like Delhi NCR, Kolkata, Hyderabad, Pune, and Mumbai, and international cities like Bangkok, and was fulfilling about 100,000 rides daily through its 2000 buses. Shuttl had raised over $97 million in a series of financing equity and debt rounds, according to reports. The startup had reportedly been struggling to raise a new financing round.
“We started out to take the pain away from daily commuters. In the process we ended up building a category, and inspiring others from different parts of the world to do the same. It’s a bittersweet moment for us. We believe the team and legacy of Shuttl will thrive equally well in the new set-up,” said Amit Singh, Co-founder and CEO, Shuttl.