Chalo Revenue, Valuation, Funding & Investors
Chalo is valued at $450M as of May 2023, a 30.0x multiple on its last reported $15M revenue.
Last Chalo valuation
$450M
Series D · May 2023
Last Chalo funding round
$4M
Seed · May 2025
Chalo revenue
$15M
Series D · May 2023
Key investors in Chalo
Amit Singhal
Lightrock
Raine Ventures
WaterBridge Ventures
Neeraj Arora
Avataar Venture Partners
About Chalo
Chalo is a Bangalore-headquartered mobility platform providing real-time bus tracking, mobile ticketing, and digital passes across 65 Indian cities. Partnerships with operators like BEST and MTC enable live ETAs, contactless Chalo Cards, and Super Saver subscriptions reducing fares by 20 percent. Following the 2023 acquisition of Vogo for electric scooter rentals, Chalo enhances last-mile connectivity for 10 million monthly users.
Founded
2014
HQ
MumbaiWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$15M (May 2023)
Valuation
$450M (May 2023)
Chalo Valuation
Chalo is currently valued at $450M, based on its Series D in May 2023.
The $45M round was led by Avataar Venture Partners, with participation from WaterBridge Ventures and Amit Singhal.
Chalo's valuation has grown 1.2x from $365M at its Series C in October 2021 to $450M in May 2023, across 3 priced rounds.
Chalo valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2023 | Series D | $450M | 30.0x |
| Apr 2023 | Series D | $450M | 30.0x |
| Oct 2021 | Series C | $365M | - |
Chalo Revenue
Chalo's latest recorded revenue is $15M, as of its Series D in May 2023. At a $450M valuation, that implies a 30.0x revenue multiple.
Revenue moved from $15M in April 2023 to $15M in May 2023, while the revenue multiple moved from 30.0x to 30.0x.
Chalo revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2023 | $15M | $450M | 30.0x | Series D |
| Apr 2023 | $15M | $450M | 30.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Chalo Funding History
Chalo has raised a total of $136M across 6 funding rounds.
Chalo's first fundraising round was a $7M Series A in January 2021. The most recent completed round was a $4M seed round in May 2025.
Chalo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2025 | Seed | Filter Capital; Priya Singh; Vinayak Bhavnani; Mohit Dubey; MGB | $4M | - | Chalo operates a full-stack tech platform that allows bus owners to digitise operations with features such as live tracking and digital payments. The Navi Mumbai-based startup raised INR 52.5 Cr (~USD 6.1 million) in a mix of equity (INR 32.5 Cr via Series K OCRPS) and debt (INR 20 Cr) around May 2025 from Filter Capital India Fund I, MGB Resources, cofounders Mohit Dubey, Priya Singh, Vinayak Bhavnani, Blacksoil Capital, and Caspian Impact Investments. This followed a Series D round in May 2023 raising USD 57 Mn (~INR 470 Cr) led by Avataar Ventures. Chalo reported operating revenue of INR 137.5 Cr in FY24, alongside a loss after tax of INR 135.7 Cr. The company operates in over 66 cities, live tracks more than 15,000 buses in locations like Mumbai, Chennai, and Lucknow, and has expanded internationally to China, the Philippines, and Thailand. Prior to this round, Chalo had raised about $119 Mn overall. |
| May 2023 | Series D | Avataar Venture Partners (lead); WaterBridge Ventures; Amit Singhal | $45M | $450M | Chalo is a mobility and public transportation technology startup founded in 2014 that provides real-time bus tracking, digital ticketing, and multi-modal transit solutions across Indian cities. The platform allows users to track live bus locations, purchase tickets, and pay via QR code scanning, addressing urban mobility challenges in India where buses serve over 50% of urban commuters. In May 2023, Chalo completed a Series D funding round raising $45 million in equity led by Avataar Ventures, with participation from existing investors including Lightrock India, Waterbridge Ventures, and Amit Singhal (Head of Google Search). The company simultaneously raised $12 million in venture debt from Trifecta Capital and Stride Ventures, bringing total capital raised to $119 million. The Series D valued Chalo at $400 million to $500 million, nearly doubling its October 2021 Series C valuation of $40 million. At the time of the Series D, Chalo demonstrated strong operational momentum with 6 million tickets issued daily and capacity for 25 million rides per month. For the fiscal year ending March 2024, the company reported revenue of INR 137.5 crore, representing 34% growth from INR 102.7 crore in FY23, though bottom-line losses widened to INR 135.7 crore from INR 95.3 crore, attributed to investments in technology, expansion, and service integration. Chalo intended to deploy Series D proceeds toward increasing electric buses and bikes in operation, digitizing bus operations across cities, expanding its multi-modal network (city buses, premium buses, first-mile and last-mile connectivity), and pursuing international market opportunities. The startup operates 678 employees and benefits from backing by 24 institutional investors including BlackSoil and Caspian Impact Investments. |
| Apr 2023 | Series D | The Smart Start Fund; Avataar Venture Partners | $26M | $450M | Chalo is an Indian mobility startup founded in 2014 by Mohit Dubey, Vinayak Bhavnani, and Priya Singh, offering a full-stack tech platform for bus owners to digitize operations with live tracking, digital payments, and ticketing via its app. Users can track buses in real-time, purchase tickets or passes, scan QR codes for travel, and use contactless Chalo cards. The company operates in over 51 cities across India, tracking 15,000 buses, and has expanded through acquisitions: Shuttl for premium office commutes in Delhi and Kolkata (October 2021), and Vogo for e-bikes providing first- and last-mile connectivity (March 2022). It also entered Southeast Asia and plans further international expansion. In May 2023, Chalo raised $45 million in its Series D equity round led by new investor Avataar Venture Partners, with participation from existing investors Lightrock India, WaterBridge Ventures, and Amit Singhal (noted as Head of Google Search or SmartStartFund), plus $12 million in venture debt from Trifecta and Stride Ventures, bringing total funding to $119 million. Earlier reports of a $20 million raise via Singapore filings at lower valuations were disputed by the company. The round valued Chalo at $400-500 million (nearly 2x its October 2021 Series C valuation) or specifically $400-450 million per sources, following its prior $40 million Series C led by Lightrock India and Filter Capital. Funds will support onboarding more electric buses and e-bikes, bus digitization, tech enhancements, and international growth. Chalo reports strong traction with 6 million daily tickets issued and capacity for 25 million rides per month post-Shuttl acquisition, alongside consistent ridership growth from platform efficiency. |
| Apr 2022 | Series A | Lightrock (lead); Kalaari Capital | $14M | - | Chalo is a bus tracking and ticketing platform founded in 2014 that provides live location tracking of buses, digital ticketing via QR code scanning, and multi-modal public transport network solutions across Indian cities. The startup has expanded to serve over 15,000 buses across 66+ cities including Mumbai, Chennai, and Lucknow, with live tracking capabilities operational in 11 states as of 2021. In April 2022, Chalo raised $13.89 million in a Series Unknown funding round led by Lightrock India, with participation from Kalaari Capital and Matrix Ventures. The round was part of the company's broader funding trajectory, which included a $40 million Series C round in October 2021 led by Filter Capital and Lightrock India. As of fiscal year 2024, Chalo reported operating revenue of INR 137.5 crore with an operating loss of INR 135.7 crore. The company's expansion strategy has centered on scaling electric buses, digitizing bus operations, and entering international markets including China, the Philippines, and Thailand. By its Series D round in May 2023 (when it raised $45 million in equity and $12 million in debt from Avataar Ventures), Chalo was valued at $400 million to $500 million, reflecting the company's progress from its earlier 2021 valuation of approximately $200 million. |
| Oct 2021 | Series C | Filter Capital (lead); Lightrock (lead); Aureolis Ventures; Neeraj Arora; WaterBridge Ventures; Amit Singhal; Raine Ventures | $40M | $365M | Chalo is an Indian bus transport technology company, formerly known as Zophop, founded in 2014 and headquartered in Mumbai and Navi Mumbai. It operates in 37 cities, providing live tracking for over 15,000 buses via its app, along with products like mobile tickets, bus passes, and the contactless Chalo Card for cashless payments. The platform powered 100 million rides by January 2022 and partners with bus operators to enhance efficiency, digital payments, and revenue through technology and operational support. It targets B2C users across various age groups and income levels reliant on public buses, as well as B2B bus operators. The specified funding round around May 10, 2021, matches a reported $40M Series C raise on October 5, 2021 (or January 13, 2021 per some listings), involving investors including Filter Capital, Lightrock, Amit Singhal, Aureolis Ventures, Neeraj Arora, Raine Ventures, and WaterBridge Ventures as leads or participants. Sources confirm Chalo raised approximately $45M (₹372 Cr) in this round to fuel growth, operational expansion, and strategic initiatives. A later April 2023 Series D valued the company at $290M, with total funding reaching $138.8M across 10 rounds by 2023. Chalo has grown to 621 employees with 28% YoY increase. Subsequent rounds include Series C-II in 2022, Series D $26.25M in April 2023, and Series D-II $18.75M in May 2023, plus a $12M debt facility. |
| Jan 2021 | Series A | Raine Ventures (lead); Neeraj Arora; Amit Singhal | $7M | - | Chalo, operated by Zophop Technologies Pvt Ltd, is a public transport tech company founded in 2014 by Mohit Dubey, Nikhil Aggarwal, and Vinayak Bhavnani. It provides digital tickets, live bus tracking, live passenger indicators, and contactless payment solutions to transform bus travel. The company was present in 30 cities at the time and saw increased demand for its services during the pandemic. Chalo raised $7 million (Rs 51.2 crore) in a funding round on January 13, 2021, from Raine Ventures, Neeraj Arora (former WhatsApp chief business officer), Amit Singhal (former Google senior vice-president), and family offices including those of Saket Burman of Dabur and Tarun Sawhney of Triveni Group. This brought total funding to $30 million. The funds were allocated to expand the network into multiple cities and increase digital tickets technology penetration in existing cities. Chalo continued raising capital in subsequent rounds, including a $40 million Series C in October 2021 led by Lightrock India and Filter Capital with participation from existing investors, and a Series D in May 2023 led by Avataar Venture Partners at a valuation of $400 million to $500 million. |
Who has invested in Chalo?
14 investors have backed Chalo across its funding rounds, including Amit Singhal, Lightrock, Raine Ventures, WaterBridge Ventures, Neeraj Arora and Avataar Venture Partners.
Lead investors include Avataar Venture Partners, Lightrock, Filter Capital and Raine Ventures.
Chalo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 United States | 3 | Participant | Jan 2021 | |
| Mumbai | 2 | Lead | Oct 2021 | |
| San Francisco, CA | 2 | Participant | Jan 2021 | |
| New Delhi | 2 | Participant | Oct 2021 | |
| San Francisco, CA | 2 | Lead | Jan 2021 | |
 London | 2 | Lead | Oct 2021 | |
| Bangalore | 2 | Lead | Apr 2023 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Priya Singh | Mumbai | 1 | Participant | May 2025 |
| Mumbai | 1 | Participant | Oct 2021 | |
| Bangalore | 1 | Participant | Apr 2022 | |
| Vinayak Bhavnani | Mumbai | 1 | Participant | May 2025 |
| New Delhi | 1 | Participant | Apr 2023 | |
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Start Free TrialAcquisitions by Chalo
Chalo has acquired 2 companies to date.
Last acquisition by Chalo was on March 28th 2022. Chalo acquired Vogo for undisclosed valuation.
Latest Acquisitions by Chalo
| Description | Vogo is an India-based dockless scooter-sharing service operating in Bangalore and Hyderabad, where users access vehicles via a smartphone app connected to an onboard VOGO box for keyless rentals on short urban trips. | Shuttl is a Delhi-based mobility platform offering app-based shared commutes via air-conditioned minibuses on fixed routes in cities including Delhi-NCR, Bengaluru, Mumbai, Pune, and Kolkata. The service targets office-goers with high-frequency operations during peak hours, partnering with over 1,000 corporates such as Google, Microsoft, and Genpact to transport more than 100,000 daily passengers. Launched in 2016, Shuttl expanded to serve B2C users alongside its core B2B model before ceasing operations in major markets by early 2023. |
| HQ Country | | |
| HQ City | Bangalore | Gurgaon |
| Deal Date | 28 Mar 2022 | 26 Oct 2021 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Chalo Competitors
Chalo competitors include listed companies like Bumble and Kurashiru, and private ones like Banma Kuaipao, Jerry, Hallow and Podotree.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Private | - | - | $725M | - | |
| San Francisco, CA | Private | - | - | $450M | - | |
| Chicago, IL | Private | - | - | $465M | - | |
 Seoul | Private | - | - | $428M | - | |
| United States | Publicly listed | $966M | ($793M) | $392M | 0.9x | |
 Japan | Publicly listed | $109M | $24M | $345M | 2.2x |
Chalo Public Comps
Chalo is still privately-owned, but its public comps include Tegma, Universal Logistics Holdings, Kerry TJ Logistics, TRAXIÓN, Bumble, Verra Mobility, SAPTCO, Kurashiru, Gür-Sel Turizm and Dear U.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $433M | $83M | 1.1x | 1.1x | 5.7x | 6.1x | |||
| $1.6B | $84M | 0.8x | 0.8x | 15.4x | 6.6x | |||
| $403M | $95M | 1.6x | - | 6.8x | - | |||
| $2B | $309M | 0.6x | 0.6x | 4.0x | 4.1x | |||
| $966M | ($793M) | 0.8x | 0.9x | (1.0x) | 2.9x | |||
| $979M | $374M | 1.6x | 1.6x | 4.2x | 4.0x | |||
| $487M | $118M | 1.4x | - | 5.6x | - | |||
| $109M | $24M | 2.5x | 2.2x | 11.5x | 11.4x | |||
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Common questions about Chalo
| When was Chalo founded? | Chalo was founded in 2014. |
| Where is Chalo headquartered? | Chalo is headquartered in Mumbai, India. |
| Is Chalo publicly listed? | No, Chalo is a private, VC-backed company. |
| What is Chalo's valuation? | Chalo was last valued at $450M in its Series D in May 2023. |
| How much funding has Chalo raised? | Chalo has raised $136M across 6 funding rounds. |
| What was Chalo's last funding round? | Chalo's last funding round was a $4M seed round in May 2025. |
| Who are Chalo's investors? | Chalo's investors include Amit Singhal, Filter Capital, Neeraj Arora, WaterBridge Ventures, Raine Ventures, Lightrock, Avataar Venture Partners, Priya Singh, Aureolis Ventures, Kalaari Capital and 4 others. |
| What is Chalo's revenue? | Chalo's latest recorded revenue is $15M (May 2023). |
| What is Chalo's revenue multiple? | Chalo's latest valuation implies a 30.0x revenue multiple ($450M valuation on $15M of revenue). |
| Which companies are comparable to Chalo? | Companies comparable to Chalo include Banma Kuaipao, Jerry, Hallow, Podotree, Bumble and Kurashiru. |
| How many companies has Chalo acquired? | Chalo has acquired 2 companies, including Vogo and Shuttl. |
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