Exclusive: Mobility Startup Chalo Raises INR 53 Cr From Cofounders, Others

SUMMARY

The funding round saw participation from existing investor Filter Capital, cofounders Mohit Dubey, Priya Singh, Vinayak Bhavnani, among others

Founded in 2014, Chalo operates a full-stack tech platform that allows bus owners to digitise their operations by adding features such as live tracking and digital payments

Chalo reported a loss after tax of INR 135.7 Cr on operating revenue of 137.5 Cr in FY24

Lightrock-backed bus technology platform Chalo Mobility has raised INR 52.5 Cr (about $6.1 Mn) in a funding round, which was a mix of equity and debt, from existing investor Filter Capital and cofounders Mohit Dubey, Priya Singh, Vinayak Bhavnani, among others.

The board of Chalo passed a resolution to issue 2.1 Lakh Series K optionally convertible redeemable preference shares (OCRPS) to raise INR 32.5 Cr from Filter Capital India Fund I, MGB Resources and the three cofounders cited above, the startup’s regulatory filings showed.

The remaining INR 20 Cr debt funding was raised from Blacksoil Capital and Caspian Impact Investments.

In the filing, the travel tech soonicorn said it plans to use the fresh funding for general corporate purposes.

A detailed questionnaire sent to cofounders Dubey, Singh and Bhavnani did not elicit any response till the time of publishing the story.

Chalo’s Mobility Offerings

Founded in 2014 by Dubey, his spouse Singh, Bhavnani and Dhruv Chopra, Chalo is a full-stack bus transport technology startup that provides services such as live bus tracking, digital tickets and passes, live passenger indicator, fleet management, and contactless payment solutions.

More than 50% of urban commuters in India rely on buses. Features like live tracking reduce waiting time by 30% and cashless payments simplify commutes. For women, features like panic buttons make bus travel safer.

Chalo also empowers bus operators with a complete back-end technology stack that optimises fleet management and revenue.

The startup also operates premium office commuter buses in cities like Delhi NCR, Pune, Hyderabad, and more under the name Shuttl, which it acquired in 2021. It also offers EV bikes for first and last-mile connectivity under Vogo, which it acquired in 2022.

The Navi Mumbai-based startup last raised $57 Mn in a mix of equity and debt in its Series D funding round led by Avataar Ventures in 2023 to deepen its mobility offerings and enter newer international markets. The round also saw participation from existing investors Lightrock India, WaterBridge Ventures and former Google executive Amit Singhal. At the time, Chalo was valued between $400 Mn to $500 Mn.

Overall, prior to the latest funding round, Chalo had raised about $119 Mn from investors, including Trifecta Capital and Stride Ventures.

The startup claims that it is operational in more than 66 cities and live tracks over 15,000 buses across Mumbai, Chennai, Lucknow, among other cities. It also has a presence in international markets like China, the Philippines and Thailand.

On the financial front, Chalo’s standalone loss after tax increased 42% to INR 135.7 Cr in FY24 from INR 95.3 Cr in the previous fiscal year. However, operating revenue zoomed 34% to INR 137.5 Cr from INR 102.7 Cr in FY23.

[Edited By Vinaykumar Rai]