Mumbai-based Chalo Closes $45M in Series D
With an estimated value of $20 billion in the Indian bus market, Chalo, a Mumbai-based startup in the transportation sector is positioning itself to tap into the lucrative market by recognizing the challenges faced by commuters and introducing innovative solutions to address them.
The company is looking to address the inefficiencies and improve the commuting experience for millions of Mumbai residents with its latest raise of $45 million in a Series D funding round led by Avataar Ventures, which values the company at $450 million.
The funding round also featured an additional $12 million in debt financing from Trifecta and Stride Ventures. Existing investors such as Lightrock India, WaterBridge Ventures, and former Google executive Amit Singhal participated in the round. To date, the cumulative fundraising total by the company sits at $119 million.
Launched in 2015, it leverages GPS technology to facilitate real-time commute tracking for customers through its app. In addition to real-time tracking, Chalo simplifies the payment process for bus operators through its digital payment solution. The company enables bus operators to transition from traditional cash-based fare payments to more efficient and secure digital transactions.
So far, its innovative platform has gained traction in over 50 cities across India, tracking over 15,000 buses. Chalo's focus on efficiency has also resulted in increased ridership, and its expansion into premium services and e-bikes has further diversified its offerings.
The significant funding injection not only validates investor confidence in Chalo's ability to revolutionize the bus transportation sector but also positions the company for further growth and expansion. With it, Chalo plans to bolster its fleet with e-vehicles and explore new international markets.
