Bus technology platform Chalo announced a new funding round that includes $45 million in equity and $12 million in debt, raising the company’s total funds raised to $119 million.
The new round includes new investors Avataar Venture Partners and Stride Ventures and existing investors Lightrock India, WaterBridge Ventures, Trifecta Capital and Amit Singhal of SmartStartFund.
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The India-based company offers live bus tracking services and contactless payment solutions to create a more reliable transport service. It plans to use the funds to further its tech stack and power expansion in India and other countries.
“Every day on Chalo’s platform 6 million tickets are issued,” co-founder and CEO Mohit Dubey told India’s CNBC-TV18. “Every time you can … make it better, more hassle-free, I think there’s a big, big value added.”
In October 2021, Chalo acquired Shuttl, a commuting service, bringing the combined companies’ capacity to 25 million rides a month.
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