Toyota Tsusho invests in app-based bus service in India
NEW DELHI, NNA – Japanese trading house Toyota Tsusho Corp. has poured $6 million into India’s app-based bus service start-up Super Highway Labs Pvt. Ltd.
In line with its strategy to grow the next-generation mass transportation business in the South Asian country, the Japanese trader decided to acquire a 3.1 percent stake in the Indian firm, Naoko Shimoriku, a spokeswoman in Tokyo, told NNA Monday.
Another big investment came from the Mirai Creation Fund, managed by Japanese venture capital fund Sparx Asset Management Co., which pumped in $12 million, Toyota Tsusho said in a statement on Monday.
Super Highway, which is based in Gurugram in the northern state of Haryana, operates the Shuttl app that enables users to book seats on air-conditioned buses for mid-to-long journeys, select their pickup location and bus route.
“Through this investment, Toyota Tsusho plans to support the further spread of Shuttl as a service that mitigates urban traffic congestion and air pollution,” it said in the statement.
In addition, Toyota Tsusho plans to mobilize its business know-how and global network to work in cooperation with Super Highway, added the spokesman.
The app-based bus service is now available in six Indian cities – greater Delhi capital region, Kolkata, Hyderabad, Pune, Mumbai and Chennai.
The four-year-old start-up, which has 350 employees, boasts more than 2,000 buses in operation and 100,000 rides daily, according to the statement.
It aims to increase its fleet of buses steadily to 10,000 buses offering 500,000 rides daily over the next two years, said the spokeswoman.