New Delhi: Chalo, a startup specializing in bus tracking and ticketing services, recently secured a substantial investment of USD 20 million from Avataar Ventures, as reported by various media outlets. The company’s board of directors unanimously passed a special resolution, which involved issuing 3,015 preference shares at an issue price of USD 6,634 per share, with the goal of raising a total of USD 20 million. This development was disclosed in a regulatory filing made in Singapore.
According to the same media reports, Chalo’s latest funding round has resulted in a valuation of USD 290 million. This figure represents a significant decrease from its previous valuation of USD 365 million, which was established in October 2021 during its previous funding round.
Notably, the startup had successfully raised USD 40 million in Series C funding, which was supported by prominent investors such as Lightrock India and Filter Capital. With this recent funding, Chalo has amassed close to USD 100 million in total funding across various funding rounds.
Chalo was founded in 2014 by Mohit Dubey, Vinayak Bhavnani, and Priya Singh. The company’s primary objective is to address transportation challenges in India through its innovative mobile application. The app enables users to track the real-time location of buses, purchase tickets, and embark on their journeys by scanning a unique QR code.
As of now, Chalo operates in more than 30 cities throughout India, including Bengaluru, Jaipur, Kolkata, and Bhopal, among others. Its comprehensive coverage allows a wide range of commuters to benefit from the convenience and efficiency offered by the Chalo platform.