Total amount raised
$8.5 Million
Latest funding date
11/01/2020
Location
Cityflo has successfully raised funding over three rounds, with the latest being a Series A round. The company is backed by five investors, including notable names like Lightbox and India Quotient.
Keep reading to explore the intricacies of Cityflo's fundraising journey and the investors backing this innovative urban transportation platform.
What Is Cityflo?
Cityflo is an urban transportation app that provides comfortable and economical buses for daily commutes. Based in Mumbai, Maharashtra, India, the company operates in the railroad, rental, and transportation industries.
Founded with the aim of offering a stress-free and efficient commuting experience, Cityflo employs between 11-50 people. The service is known for its direct routes, frequent and on-time buses, and flexible plans, making it a popular choice for daily commuters.
How Much Funding Has Cityflo Raised?
- Seed Round
- Amount Raised: USD 750,000
- 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.
- Series Unknown
- 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 technology infrastructure.
- Series A
- Amount Raised: USD 7,700,000
- Date: November 2020
- Lead Investors: Lightbox
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand and upgrade operations, increase presence on heavy traffic routes, and establish the service as a go-to brand for Mumbai’s working population.
Total Amount Raised: USD 8,450,000. Current Valuation: Not publicly disclosed.
Key Investors
- Lightbox
- Details: Lightbox is a venture capital firm that led the $7.7 million Series A funding round for Cityflo. The firm is known for its focus on early-stage investments in technology-driven companies.
- Investment Focus Areas: Technology, consumer internet, mobility.
- Notable Investments: Rebel Foods, Furlenco, Droom.
- Anupam Mittal
- Details: Anupam Mittal is an angel investor and entrepreneur, best known as the founder of People Group, which includes Shaadi.com. He participated in the Series Unknown funding round for Cityflo.
- Investment Focus Areas: Technology, consumer internet, media.
- Notable Investments: Ola, Druva, Interactive Avenues.
- India Quotient
- Details: India Quotient is a venture capital firm that focuses on early-stage investments in India. They participated in both the Series Unknown and Series A funding rounds for Cityflo.
- Investment Focus Areas: Consumer brands, fintech, SaaS.
- Notable Investments: Lendingkart, ShareChat, Sugar Cosmetics.
What's Next for Cityflo?
Cityflo is poised for significant growth as it expands its operations and increases its presence on heavy traffic routes. The company aims to establish itself as the go-to brand for Mumbai’s working population, leveraging the inadequacies in the public transport system to scale up its services. The recent $8 million Series A funding will be instrumental in achieving these goals.
Future fundraising opportunities seem promising, given the continued investor interest in mobility startups despite the challenges posed by the COVID-19 pandemic. Cityflo's successful Series A round indicates potential for additional funding rounds, which could further bolster its expansion plans.
However, the company faces challenges such as ensuring safety, hygiene, and sanitization to attract users back to public transport. The shift to remote work and competition from other mobility startups also present hurdles that Cityflo will need to navigate carefully.
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