The Shuttle team
Bangladeshi transport-tech startup Shuttle has announced raising US$1.5 million in new funding led by South Asia Tech, a growth-stage VC fund focused on logistics and e-commerce startups in the region.
State-run VC fund Startup Bangladesh, investors from Bangladesh Angels Network (BAN), and existing backers, including Accelerating Asia, participated.
The new round brings Shuttle’s total investment to date to US$2.5 million.
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“The new funding will help us expand our footprint across the country through further investments in tech, product and team,” said Shuttle’s Co-Founder and CEO Reyasat Chowdhury.
Shuttle started its journey in 2018 with pre-seed capital from Robi Axiata.
A ride-hailing startup, Shuttle claims it charges less than one-third the price of regular ride-sharing by clubbing four to ten people in sedans and minivans.
After its initial success with providing women-only services, Shuttle later added unisex and B2B offerings to bring convenient and affordable daily commutes for middle-income people in Bangladesh.
More than 30,000 university students and office-goers are registered on the platform, with the majority being women. The company has also worked with over 50 organisations (B2B clients), including the largest multinational companies.
The firm is set to launch a new service, Shuttle for School, for students in Dhaka.
The startup has a total addressable market of US$13.5 billion in Bangladesh.
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Shuttle’s other investors are SBK Tech Ventures, South Korean VC firm The Ventures, the BAN, and local/global angels.
In addition, the company also received an impact-matching grant from Biniyog Briddhi, a public-private development partnership between the Embassy of Switzerland in Bangladesh, Roots of Impact, and LightCastle Partners.
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