Bus tracking and ticketing platform: Chalo raises $14 Mn in a fresh round
- ByStartupStory | April 23, 2022
Chalo, the bus tracking and ticketing service provider has raised close to $14 million in a fresh round from new and existing investors. In the past six months, this is the second round of funding for the company.
Its regulatory filings in Singapore shows that Chalo raised $13.89 million from Lightrock India, Kalaari Capital and Matrix Venture Partners. Lightrock led the round with about $7.8 million while $3.03 and $3 million were infused by Matrix and Kalaari respectively.
An extension appears to be the new proceeds of its Series C round. In September, the company had raised a $40 million Series C round. When Chalo is in the market to raise up to a $200 million round at about an $800 million valuation, the new money also has come at a time, states the report.
According to the estimates, in this fresh tranche Chalo has been valued at about $365 million (post-money).
By tying up with local city bus operators across India, and providing GPS tracking and online ticketing for passengers, Chalo makes money, which includes the operators pay the company for increased ridership; the digital bus passes for multiple journeys.
BEST, Mumbai’s largest local bus operator, announced this month that it would be taking a larger amount of its fleet fully digital with Chalo’s product, including a “Chalo Card” that uses NFC. Across several rounds, it raised a total of $76 million (including this tranche).
Recently, self-drive scooter rental service Vogo and Toyota-backed Shuttl’s intellectual property has been acquired by Chalo in 2021.
Chalo, launched in 2014 by Mohit Dubey, Vinayak Bhavnani, Priya Singh, and Dhruv Chopra, had a flat growth during FY21. As compared to Rs 27.43 crore in FY20, its operational revenue stood at Rs 27.63 crore in FY21, shows its annual financial statements. In FY21, the company’s losses were also reduced by 42% to Rs 33 crore.
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