On Tuesday, Public transport technology firm Chalo said it has raised around USD 40 million (about Rs 297.8 crore) in funding led by Lightrock India and Filter Capital.
The Series C round also saw participation from existing investors – WaterBridge Ventures, Raine Venture Partners, Neeraj Arora (former Chief Business Officer of WhatsApp) and Amit Singhal (former Google SVP), all of whom were early investors in the company, a statement said.
It added that USD 10 million of the proceeds is being used to buy back ESOPs to reward current and former employees, as well as to enable early angel investors to monetise.
- BSNL Plans to Launch 4G Services Across India
- CDSL Shares Gained 6% on Q4FY24 Business and Financial Updates
- Guide To Pick the Top F&O Stocks
- Birla Corporation Shares Rally 7% on Stellar Q4 Earnings
- Blue Dart Express Shares Traded 7% Higher After Its Q4FY24 Financial Results Release
With this fundraise, Chalo aims to invest further in technology, deepen its presence in India and expand to international cities, the statement said.
Chalo, which powered 20 million bus rides in September 2021, has 15,000 buses live on its platform and a presence in 31 cities across Karnataka, Kerala, Madhya Pradesh, Bihar, Assam, Tamil Nadu, Uttar Pradesh and other states.