India's Chalo raises $45 million in fresh funding to digitise bus trips
The bus tracking and ticketing firm Chalo said that it has raised $45 million in a fresh round of funding from Avataar Ventures and previous backers Lightrock India, Waterbridge Ventures, and Google Search Head Amit Singhal. Chalo has now raised $119 million in total funding, including $12 million in venture loans from Trifecta and Stride Ventures.
In the most recent investment round, Chalo was valued between $400 million and $500 million, almost twice as much as when it had raised $40 million from Lightrock India and Filter Capital in October 2021. Chalo's Singaporean filings, company had raised $20 million in investment. In order to raise a total of $20 million, the board of directors of Chalo passed a special resolution to issue 3,015 preference shares at a price of $6,634 per share.
The company refuted this in a recent news statement in which it stated that it intended to use the money from the most recent raise to concentrate on growing the number of electric buses and bikes on the road and continuing the digitization of buses. Additionally, the business wants to expand into other foreign countries.
Chalo, an app that addresses transport challenges in India, was founded in 2014 by Mohit Dubey, Vinayak Bhavnani, and Priya Singh. Through the app, users can track the real-time location of any bus, buy tickets, and travel by just scanning a special QR code.
Additionally, With its Chalo cards, Chalo offers contactless payment methods, offering a practical substitute for carrying cash. The startup is active in more than 51 Indian cities, including, among others, Bengaluru, Jaipur, Kolkata, and Bhopal. It offers 15,000 buses across the nation live tracking. "Our capabilities have greatly increased during the past two years. According to Dubey, CEO of Chalo, "We have strengthened our core business of city buses and now provide cities with a multi-modal public transport network solution, including city buses, premium buses, and first- and last-mile connections.
In the most recent investment round, Chalo was valued between $400 million and $500 million, almost twice as much as when it had raised $40 million from Lightrock India and Filter Capital in October 2021. Chalo's Singaporean filings, company had raised $20 million in investment. In order to raise a total of $20 million, the board of directors of Chalo passed a special resolution to issue 3,015 preference shares at a price of $6,634 per share.
The company refuted this in a recent news statement in which it stated that it intended to use the money from the most recent raise to concentrate on growing the number of electric buses and bikes on the road and continuing the digitization of buses. Additionally, the business wants to expand into other foreign countries.
Chalo, an app that addresses transport challenges in India, was founded in 2014 by Mohit Dubey, Vinayak Bhavnani, and Priya Singh. Through the app, users can track the real-time location of any bus, buy tickets, and travel by just scanning a special QR code.
Additionally, With its Chalo cards, Chalo offers contactless payment methods, offering a practical substitute for carrying cash. The startup is active in more than 51 Indian cities, including, among others, Bengaluru, Jaipur, Kolkata, and Bhopal. It offers 15,000 buses across the nation live tracking. "Our capabilities have greatly increased during the past two years. According to Dubey, CEO of Chalo, "We have strengthened our core business of city buses and now provide cities with a multi-modal public transport network solution, including city buses, premium buses, and first- and last-mile connections.
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