Total amount raised
$143.9 Million
Latest funding date
5/1/2023
Location
Chalo has successfully raised $119 million over 12 funding rounds, with the latest being a Venture - Series Unknown round. The platform offers live bus tracking, digital bus tickets, and mobile bus passes to enhance the bus travel experience in 65 cities.
Chalo is backed by 24 investors, including BlackSoil and Caspian Impact Investments. Keep reading to explore the intricacies of Chalo's fundraising journey and the investors backing this innovative platform.
What Is Chalo?
Chalo, founded in 2014, is a leading bus transport technology company based in Mumbai, Maharashtra, India, with additional offices in Navi Mumbai and Singapore. The company operates in the transportation, apps, big data, and information services industries.
With a workforce of 101-250 employees, Chalo offers services such as live bus tracking, digital bus tickets, and prepaid travel plans through its Chalo App and Chalo Card. The company aims to enhance the bus travel experience and operates in 65 cities across India.
How Much Funding Has Chalo Raised?
- Round Name: Seed
- Amount Raised: Not publicly disclosed
- Date: May 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Chalo's core technology and initial market entry.
- Round Name: Seed
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand its service offerings.
- Round Name: Series Unknown
- Amount Raised: $7,000,000
- Date: January 2021
- Lead Investors: Raine Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the technology stack and expand operations.
- Round Name: Series C
- Amount Raised: $40,000,000
- Date: October 2021
- Lead Investors: Filter Capital, Lightrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the core business of city buses.
- Round Name: Series Unknown
- Amount Raised: $13,890,000
- Date: April 2022
- Lead Investors: Lightrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service capacity and market reach.
- Round Name: Series D
- Amount Raised: $26,000,000
- Date: April 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand operations.
- Round Name: Series D
- Amount Raised: $45,000,000
- Date: May 2023
- Lead Investors: Avataar Venture Partners
- Valuation at Round: $400 million to $500 million
- Motivation Behind the Round: To increase the number of electric buses and bikes, digitize buses, and expand internationally.
- Round Name: Debt Financing
- Amount Raised: $12,000,000
- Date: May 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expansion and technology enhancement.
- Round Name: Series Unknown
- Amount Raised: INR 325,000,000
- Date: May 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance service offerings.
- Round Name: Debt Financing
- Amount Raised: INR 200,000,000
- Date: May 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operational and technological advancements.
Chalo has raised a total of $133,890,000 with a current valuation of $400 million to $500 million.
Key Investors
- Avataar Venture Partners
- Details: Avataar Venture Partners is a growth-stage investment firm focusing on B2B and SaaS companies. They have a strong track record of scaling businesses to global markets.
- Investment Focus Areas: B2B, SaaS, technology.
- Notable Investments: Zenoti, Amagi, ElasticRun.
- Lightrock India
- Details: Lightrock India is an impact investment firm that focuses on sustainable businesses. They aim to create long-term value through investments in high-growth sectors.
- Investment Focus Areas: Healthcare, education, financial services.
- Notable Investments: Byju's, CureFit, Acko.
- WaterBridge Ventures
- Details: WaterBridge Ventures is an early-stage venture capital firm. They focus on technology-driven businesses and have a hands-on approach to scaling startups.
- Investment Focus Areas: Technology, early-stage startups, digital platforms.
- Notable Investments: Unacademy, Magicpin, Atlan.
- Trifecta Capital
- Details: Trifecta Capital provides venture debt and structured financing to startups. They support high-growth companies with flexible financing solutions.
- Investment Focus Areas: Venture debt, growth-stage companies, structured financing.
- Notable Investments: BigBasket, UrbanClap, CarDekho.
- Stride Ventures
- Details: Stride Ventures specializes in venture debt for high-growth startups. They offer customized debt solutions to help companies scale efficiently.
- Investment Focus Areas: Venture debt, high-growth startups, technology.
- Notable Investments: Pocket Aces, Miko, SUGAR Cosmetics.
What's Next for Chalo?
Chalo's future is brimming with opportunities. The company plans to expand its technology stack and operations both within India and internationally. With a daily issuance of 6 million tickets and a capacity of 25 million rides per month, the potential for growth is substantial. The latest funding round, which raised $57 million, will be pivotal in increasing the number of electric buses and bikes, digitizing buses, and enhancing the overall user experience.
Future fundraising opportunities seem promising as Chalo continues to attract significant investment. The company may seek additional funding to support its international expansion and further digitization efforts. However, challenges such as scaling technology, navigating regulatory environments, and managing competition from other startups could pose hurdles. Ensuring the reliability of their live tracking and payment systems will be crucial for sustained growth.
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