Intra-city bus commute startup Cityflo has raised Rs 57 crore or $8 million in its Series A funding round led by Lightbox Ventures. The fresh investment has come for the Mumbai-based firm after a gap of five years. It raised a seed round from IDG Ventures (now Chiratae) in 2015.
With the latest infusion, Cityflo is eyeing to expand and bolster its existing operations. According to the company’s press release, it would increase its presence on heavy traffic routes and build the service as a go-to brand for Mumbai’s large working population.
Floated by Sankalp Kelshikar, Subhash Sundaravadivelu, Rushabh Shah, Ankit Agrawal, and Advaith Vishwanath, the company has a large network of bus partners. As per its website has a fleet of 2,000 buses of different sizes (tempo travelers, prime and luxury buses) in Thane and Mumbai.
Cityflo’s financing is a good sign for India’s mobility sector that has been crippled by the Covid-19 pandemic. Apart from Ola and Uber, office commute platforms, including Shuttl and Cityflo, had experienced no business for over two months (April-May).