Total amount raised
$8.5 Millions
Latest funding date
11/01/2020
Location
Cityflo has successfully raised funds through multiple rounds, with its most recent being a Series A round closed on November 25, 2020. The urban transportation app offers comfortable and economical bus rides for daily commutes.
Keep reading to explore the intricacies of Cityflo's fundraising journey and the investors backing this innovative platform.
What Is Cityflo?
Cityflo, founded in 2015, is an urban transportation app based in Mumbai, Maharashtra, India. The company aims to provide a better commuting experience by offering air-conditioned buses with express routes and on-time arrivals.
Cityflo's services include single rides, flexible plans, bus rentals for events, and corporate transportation services. The company was founded by Advaith Vishwanath, Ankit Agrawal, Jerin Venad, Rushabh Shah, Sankalp Kelshikar, and Subhash Sundaravadivelu.
With a team of 11-50 employees, Cityflo focuses on offering comfortable and economical bus rides for daily commutes, targeting office-goers who seek a stress-free and efficient travel option.
How Much Funding Has Cityflo Raised?
- Seed Round
- Amount Raised: $750K
- Date: November 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial version of the app.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 2019
- Lead Investors: Anupam Mittal, India Quotient
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service coverage and improve technological infrastructure.
- Series A
- Amount Raised: $8M
- Date: November 2020
- Lead Investors: Lightbox, India Quotient
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand and upgrade operations, increase presence on heavy traffic routes, and enhance safety and hygiene measures.
Total Amount Raised: $8.75M
Current Valuation: Not publicly disclosed
Key Investors
- Lightbox Ventures
- Details: Lightbox Ventures is a venture capital firm that invests in early-stage technology companies. They are known for their hands-on approach in helping startups scale.
- Investment Focus Areas: Consumer technology, e-commerce, mobility, digital media
- Notable Investments: Rebel Foods, Furlenco, Droom
- Anupam Mittal
- Details: Anupam Mittal is an individual investor and the founder of People Group, which includes businesses like Shaadi.com. He is a prominent figure in the Indian startup ecosystem.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- India Quotient
- Details: India Quotient is an early-stage venture capital firm that invests in technology startups in India. They focus on identifying and nurturing innovative ideas.
- Investment Focus Areas: Consumer internet, SaaS, fintech
- Notable Investments: ShareChat, Lendingkart, Sugar Cosmetics
Information about other major investors was not found in the provided sources.
What's Next for Cityflo?
Cityflo is poised to capitalize on the broken and overstressed public transport system in India. With the recent $8 million Series A funding, the company plans to expand its operations and increase its presence on heavy traffic routes, aiming to become the go-to brand for Mumbai’s working population. This expansion presents a significant opportunity for growth, especially as the demand for safe and hygienic public transport rises.
Future fundraising opportunities seem promising, given the successful Series A round and the ongoing interest in the mobility sector. However, Cityflo may face challenges such as the impact of COVID-19 on mobility startups and the potential continuation of work-from-home policies. Addressing these challenges will be crucial for the company’s sustained growth and success.
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