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.

• Shares of Shriram Pistons skyrocketed 9% on Acquiring Antolin Lighting
• Stocks in Focus: Lloyds Engineering, SEAMEC, RailTel, and Others
• Overnight Stock Market Movements: Key Developments 
• Stocks Under F&O Ban: Bandhan Bank, and Others
• India, Canada Hold Talks to Resume Trade Pact Negotiations

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.