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Jack Ellis · · 1 min readIn brief: Amazon leads $11m investment in bus-sharing app Shuttl
Photo credit: Shuttl
Shuttl banks US$11 million in Amazon-led round (India). The Gurugram-based startup said it will use the funds to expand to two new cities by the end of 2019, as well as to enhance its existing services in Delhi and Jaipur. In addition to on-demand shuttle bus services, Shuttl is also developing a platform that allows passengers to organize their public transport options using voice-recognition technology.
Amazon India and Amazon’s Alexa Fund co-led the series B round with Japan’s Dentsu Ventures. The investment in Shuttl is the latest in several big bets that Amazon has made on India’s startup scene, as the US tech giant looks to cement its place in the country after losing out to Walmart in acquiring ecommerce portal Flipkart earlier this year. (Livemint)
Other news
WeWork China unit secures US$500 million funding (US/China). The US co-working firm’s Chinese arm raised the funds from Hony Capital, SoftBank, SoftBank’s Vision Fund, Temasek, and Trustbridge Partners, valuing its local business at around US$5 billion post-money. The capital will be used to grow WeWork’s presence in China, where it faces stiff competition from homegrown player Ucommune and other smaller shared workspace providers. (South China Morning Post)
Editing by Judith Balea
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