Intercity mobility startup ZingBus received Rs 59 Cr from Info Edge and BP Ventures
Under the leadership of BP Technology Ventures, the intercity mobility startup ZingBus is raising Rs 59 crore, or roughly $7 million. This is the Gurugram-based company’s first big investment of 2024.
According to Zingbus’s regulatory filings, which were obtained from the Registrar of Companies, the board has approved a special resolution to issue 38,455 preference shares at an issue price of Rs 15,355 each in order to raise Rs 59 crore, or $7 million.
With Rs 41.8 crores, BP Ventures led the round, followed by IE Ventures Fund Follow-On, which was backed by Info Edge, with Rs 14 crore. AdvantEdge VC and nine unicorns contributed Rs 1.25 crore and Rs 2 crore, respectively.
According to the filing, the new revenue will be utilized for growth and expansion as well as to satisfy any further capital needs.
According to the filing, the company’s equity will be diluted by about 11.16% as a result of the new funding round. Information Edge-backed IE Ventures will own 6.07% of the company, while BP Ventures will purchase 7.9%.
Media estimates that after the allocation, the company will be worth about Rs 530 crore, or roughly $63 million. In April of last year, Entrackr reported that the tranche might be a part of a larger round.
Zingbus, a four-year-old company, combines bus fleets to offer its clients an end-to-end intercity travel service.
In the fiscal year that ended in March 2023, ZingBus recorded a 3X year-over-year growth to Rs 218 crore with a loss of Rs 51 crore; the company has not yet filed its annual results for FY24.
ZingBus faces competition from companies such as Yolobus, RailYatri’s IntrCity, Abhibus, and FreshBus in the intercity bus aggregating market.
