Mobility Startup Chalo Raises $40M In Series C Funding
Mobility startup Chalo has raised about $40 million in its Series C funding round led by Lightrock India and Filter Capital.
Existing investors WaterBridge Ventures, Raine Venture Partners, Neeraj Arora (former Chief Business Officer, WhatsApp) and Amit Singhal (former SVP, Google) also participated in the funding round, with The Raine Group being the exclusive advisor for this transaction.
The startup plans to use the raised funds to invest further in technology, deepen its presence in India, and expand to international cities.
Mobility Startup Chalo | Bus Tracking Services And Contactless Payment Solutions
Started by Vinayak Bhavnani, Priya Singh Dubey, Mohit Dubey, and Dhruv Chopra, Chalo is a mobility startup providing live bus tracking services and contactless payment solutions to transform everyday bus travel into a safer and more reliable experience.
Speaking about the development, Mohit Dubey, Co-founder and CEO at Chalo, said,
“Buses are India’s #1 form of public transport with 48 percent share of trips. Despite this, the experience is broken. At Chalo, we deploy technology that significantly improves the bus experience and thereby increases ridership. We are today one of India’s largest mobility companies, with 20 million happy rides each month. We are glad to find partners like Lightrock and Filter Capital who share our vision of creating a positive impact on society and the environment, and look forward to the next leg of our journey with them on board the Chalo Bus!”
The mobility startup deploys GPS devices for live tracking and electronic ticketing devices that enable mobile and card payments in buses. This benefits the bus operators, and by converting cash tickets into digital transactions via the Chalo App and Chalo Card, revenue leakage and cash management burden on their daily operations is also reduced.
With a presence in 31 cities across Karnataka, Kerala, Tamil Nadu, Uttar Pradesh, Madhya Pradesh, Bihar, Assam, and other states, Chalo has established market leadership with 15,000 buses live on its platform.
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