Blog

Bus tracking and ticketing startup Chalo has raised $20 million in a new funding round from Avataar Ventures, Entrackr reported on Monday, citing a regulatory filing in Singapore.

Chalo’s board approved a special resolution to issue 3,015 preference shares at an issue price of $6,634 per share, aiming to raise a total of $20 million, the filing showed.

After this round, Chalo’s valuation is at $290 million, much lower than its previous valuation of $365 million in October 2021 when it last raised funding, according to Fintrackr estimates. During the last round, the startup had raised $40 million in Series C, led by Lightrock India and Filter Capital.

To date, the company has raised nearly $100 million in total across rounds.

YourStory was not able to independently verify the veracity of the Entrackr report. The founders did not immediately respond to queries.

Founded in 2014 by Mohit Dubey, Vinayak Bhavnani, and Priya Singh, Chalo addresses transportation issues in India through its app, where users can track the live location of any bus, purchase tickets, and travel by simply scanning their unique QR code.

Additionally, Chalo offers contactless payment options with its Chalo cards, providing a convenient alternative to carrying physical change.

The startup operates in more than 30 cities in India, including Bengaluru, Jaipur, Kolkata, and Bhopal, among others.

Lightrock continues to remain Chalo’s largest shareholder following the round, commanding 30.2% in the company. Avataar Ventures, which has also invested in HealthPlix, Amagi, and InsuranceDekho, holds a 7.1% stake in Chalo.