Profitability is a moving goal post, says Shuttl CEO
- In an interview with Business Insider,
Amit Singh, CEO and co-founder, Shuttltalks about how the app has solved transportation problem of India’s working professionals.
- While there are reports about Shuttl having closed its series B round of funding for $7 million, the company has not commented on it.
The technology-enabled, seat-based, demand-adaptive bus mobility service Shuttl helps users select from prefixed routes and schedules, to commute from home to work.
The startup which has been around for 4 years has raised $34 million in funding from the likes of Sequoia, Amazon Lightspeed India Partners, Times Internet and Dentsu.
“We raised angel funding when we were working on a different version – an intercity bus app. But a few months into the business, we realised that that is not a day-to-day problem we are solving. We switched to an intra city bus service soon after,” Amit Singh, CEO and co-founder, Shuttl told Business Insider.
However, there’s also news about another round of funding. While reports say that Shuttl has closed its series B round of funding for $7 million, the company has not commented on it.
Answering Business Insider India’s questions in April, Singh had said, “We are in the process of raising capital. The response from potential investors has been encouraging. There is a lot of interest in the massive underserved market we're going after with our unique approach to shared mobility. Our existing investors continue to believe in us and are impressed by the good work team has been putting in and have already made some commitments.”
But profitability is not close, in fact, it is a moving goal post for the company. “There’s always a tradeoff between growth and profitability. When we are close to it, we add more buses, more routes which moves profitability farther away,” he said.