Shuttl to raise $42 million from Toyota, others, at $213 million valuation

In the current round Toyota Tsusho and SMBC Trust Bank together will put in $6.06 million and $12.13 million, respectively. The remaining investors are not yet known.

Toyota's funding into Shuttl comes at a time when the Japanese auto conglomerate is looking at a major play in sustainable and future of mobility solutions. The company recently announced Japan-wide roll-out of Toyota Share, a car-sharing service. Globally, Toyota is going to spend $2.75 billion in batteries, self-driving vehicles, lunar rovers and ride-hailing companies.

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. The company also claims a two-time jump in its annual revenue, which has crossed Rs 100 crore in 2018-19.

According to the document, Shuttl’s new investors will invest at a per share value of Rs 29,564.24. After the completion of fund-raising Toyota Tsusho will own 3.01 percent and SMBC Trust Bank will own 6.02 percent. The other large shareholders will be co-founder and CEO Amit Singh (with 13.17 percent), Lightspeed India Partners (13.1 percent), CI Investments (11.83 percent), Sequoia Capital (10.84 per cent), co-founder Deepanshu Malviya (8.34 percent), Times Internet Limited (6.96 percent), Amazon (4.45 percent), and the remaining 22.28 percent held by others.

The current fund-raising values co-founders Singh and Malviya’s shareholding approximately at $28 million and $18 million, respectively.