Hyderabad-based employee transport company, Whistledrive Services, has managed to raise Rs 72 crore in Series B funding from Chicago-based Colosseum Group, which is into investment, research and training. This is the second time that Colosseum is investing in Whistledrive. It had earlier invested Rs 5 crore in April, 2018.
The funds will be used to expand the Company, help it enter at least two new cities and achieve ten times growth. The Company presently serves the Bengaluru and Chennai markets, but plans to expand into Pune as well as Delhi-NCR.
Whistledrive offers office commutes to about 32 clients, such as Invesco, Hitchai, and many others. It allows its clients to automate their transport services with the help of WhistleTech, its technological platform. The Company ferries more than 15000 passengers every day, and registers over 100,000 trips a month. Its apps offer employees live tracking facility, along with SOS services and various other security and privacy features. In a year’s time, the Company hopes to achieve a million trips a month.
The ride-hailing space has seen a lot of activity in India of late. Recently, electric taxi startup Blu Smart managed to bag funds to the tune of approx. Rs 21 crore from angel investor, Ka Enterprises LLP. Private equity firm, WestBridge Capital also invested about Rs 391 crore in Roppen Transportation Services, which runs a bike-pooling and taxi-startup, Rapido.