Chalo raises $40 mn from Lightrock India, Filter Capital, others

Public transport technology firm Chalo on Tuesday said it has raised around USD 40 million (about Rs 297.8 crore) in funding led by Lightrock India and Filter Capital.

The Series C round also saw participation from existing investors – WaterBridge Ventures, Raine Venture Partners, Neeraj Arora (former Chief Business Officer of WhatsApp) and Amit Singhal (former Google SVP), all of whom were early investors in the company, a statement said.

It added that USD 10 million of the proceeds is being used to buy back ESOPs to reward current and former employees, as well as to enable early angel investors to monetise.

With this fundraise, Chalo aims to invest further in technology, deepen its presence in India and expand to international cities, the statement said.