Chalo, a startup that is digitizing bus commutes in India, which recently raised $40 million acquired app-based office commute bus aggregator startup Shuttl
Chalo founder and chief executive Mohit Dubey said the acquisition of Shuttl, which operates thousands of buses aimed at working professionals, will help his startup gain presence in many parts of the country including metro cities, broaden the technology and product offerings, and also supercharge the the firm’s overseas expansion efforts.
“Shuttl and Chalo, these are the firms that are positioned to become the largest mobility firms in the world. I wish the pandemic had not happened, but it has allowed the two companies with a similar focus to come together,” he said in an interview with TechCrunch.
Dubey declined to disclose the financial terms of the deal, but said Shuttl co-founder and chief executive Amit Singh has agreed to continue his journey. Chalo will continue to use Shuttl’s branding, he said.
Shuttl had raised over $97 million in a series of financing rounds, according to data intelligence platform Tracxn. The startup counts Amazon, Times Internet, Sequoia Capital India, Lightspeed Venture Partners, and Toyota among its backers.
Chalo said that the entire current team of Shuttl, including several key executives who have been part of the startup from the beginning, will continue in their roles.
Source : Techcrunch