Bengaluru: App-based bus aggregator Shuttl surpassed ₹100 crore in revenue in the financial year ended March 2019 (FY 2018-19), clocking a 123% year-on-year growth compared with ₹44.8 crore revenue reported in FY18, according to the company’s unaudited financial results released on Tuesday.
The company, however, did not release expenditure and profits and loss numbers for FY19. In FY18, Shuttl incurred an overall expenditure of ₹103.8 crore and reported a net loss of ₹51.2 crore.
Gurgaon-based Shuttl currently operates its own fleet of shuttle services in 6 cities - Delhi-NCR, Kolkata, Hyderabad, Pune, Mumbai, and Chennai.
Shuttl claims to have a ridership of over 1 lakh rides per day across the six cities it operates in, driven by increased adoption of urban mobility products in the country. Its app-based service allow commuters to discover routes, purchase passes, reserve a seat, and travel at structured timings at affordable prices.
The company was founded by IITians Amit Singh and Deepanshu Malviyia and is funded by investors such as Sequoia Capital, Lightspeed Ventures, Amazon, and Dentsu.
Shuttl which raised over $50 million since its inception in 2015, currently has a network of over 350 shuttle routes operating 1,800 buses across different locations in India. Shuttl also claims to have completed over 33 million rides till date. Around 38% of Shuttl users are women.
“We attribute our sustained growth to our riders and uniquely designed services that we are offering them. Our endeavor is to deliver a safe, reliable and environmentally sustainable mobility for urban India, and by attaining one lakh daily ridership, we are confident that our constant efforts to enhance asset utilization, lowering transportation costs and improving rider convenience will help us transform the mobility landscape of cities in future," Amit Singh, Co-chief executive of Shuttl said in a statement.
Recently a slew of app-based mobility products such as Bounce, VOGO, Yulu, have witnessed substantial traction among urban commuters. These services are directed at commuters looking to complete their last-mile travels from bus or metro station to their destination and vice-versa. However, Shuttl largely focuses on daily commuters who travel long distances.
Experts also say rising congestion problem and a general lack of a functional public transportation option in India’s metros are also some of the reasons attributable to the spike in urban mobility products.