According to media reports, Bus tracking and ticketing startup Chalo has raised USD 20 million in a new funding round from Avataar Ventures, on Monday.
Chalo's board approved a special resolution to issue 3,015 preference shares at an issue price of USD 6,634 per share, aiming to raise a total of USD 20 million, according to a regulatory filing in Singapore.
Media reports added that Chalo's valuation after this round is USD 290 million, which is significantly lower than its prior valuation of USD 365 million in October 2021, when it received the funds. The startup has raised USD 40 million in Series C funding backed by Lightrock India and Filter Capital. To date, the company has raised almost USD 100 million through multiple rounds of funding.
Founded in 2014 by Mohit Dubey, Vinayak Bhavnani, and Priya Singh, Chalo aims to provide solutions to 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.
The startup is present in over 30 Indian cities, including Bengaluru, Jaipur, Kolkata, and Bhopal, among others.