Toyota Tsusho Invests in Super Highway Labs Pvt. Ltd, Provider of Shuttl, An app-based mass transportation service in India

Toyota Tsusho Corporation ("Toyota Tsusho") has invested in the startup venture Super Highway Labs Pvt. Ltd. ("Super Highway Labs"), provider of the app-based mass transportation service Shuttl in Delhi-NCR and five other cities in India. The investment in Super Highway Labs was made in its Series C funding round as lead investors together with Mirai Creation Fund. The combined total investment value is US$18 million, with Toyota Tsusho investing US$6 million. One part-time director is scheduled to be assigned from Toyota Tsusho to the startup company.

1. Background

Urban traffic congestion and air pollution have become serious social problems in India in recent years. In addition, public bus transport that serves as the means for commuting to school and workplaces is inadequate for long-distance travel.

In view of such conditions, enhancement of mass transit—such as bus services and other means—is expected to help mitigate traffic congestion as a result of reduction in vehicle traffic, reduce air pollution through emission control, and contribute to greater public security.

Shuttl is a app-based service employing a mobile app to pick up passengers at their designated locations and transport them to their designated destinations based on reservations made in advance. The easy-to-use app offers passengers with seating in air-conditioned buses, and provides them with safe and comfortable travel. Since the service started in 2015, it has continued to grow by providing services that meet consumer needs. At present, the service has grown to cover six cities in India (Delhi National Capital Region, Kolkata, Hyderabad, Pune, Mumbai, and Chennai), with more than 2,000 buses in operation each day and a daily ride count reaching 100,000.

2. Purpose of investment

Toyota Tsusho is promoting next-generation mobility as a priority area in its Next-Generation Mobility Strategy under its Mid-Term Business Plan for FY2021.

Through this investment, Toyota Tsusho plans to support the further spread of Shuttl as a service that mitigates urban traffic congestion and air pollution. In addition, Toyota Tsusho plans to mobilize its business know-how and global network to work in cooperation with Super Highway Labs so as to foster a wider dissemination of MaaS business operations such as the bus app service.

Overview of Super Highway Labs Pvt. Ltd.

Company name
Super Highway Labs Pvt. Ltd.
Location
Gurugram, India
Established
2015
Representative
Amit Singh, Co-Founder&CEO
Business description
App-based mass transportation service
Number of employees
Approx. 350 (as of March 2019)
URL
https://ride.shuttl.com

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