Intercity mobility startup ZingBus, backed by InfoEdge, is set to raise $12-15 Mn in a new funding round
- ByStartupStory | April 24, 2023
ZingBus, a startup in the intercity mobility sector, is reportedly in advanced discussions to secure $12-15 million in its latest funding round, according to two anonymous sources familiar with the matter. The Gurugram-headquartered firm is seeking to expand into additional cities and enhance its fleet, and will be backed by InfoEdge as the lead investor, as well as both new and existing backers. This comes after a hiatus of over two years since its last fundraising effort.
ZingBus secured nearly $6 million in its pre-Series A funding round in July 2021, from a group of investors that included Infoedge Ventures, Founders Club, Pioneer Fund, Anim Fund, Locus Ventures, Liquid 2 Ventures, and angel investors. With the potential success of this latest round, the intercity mobility startup would accumulate almost $20 million in total funding, including an undisclosed amount from Y Combinator’s winter 2021 program. The company, founded by Mratunjay Beniwal, Ravi Kumar Verma, and Prashant Kumar, aggregates fleets of buses to provide seamless intercity travel for customers, with a network of over 350 buses servicing more than 500 cities. Having served more than three million customers across 18 states in India’s Northern, Western, and Southern regions, ZingBus continues to expand its offerings.
Sources reveal that ZingBus is expected to be valued at around $70 million (post-money) as part of its latest funding round. No response has been received yet from ZingBus or Info Edge after enquiries were made. Recently, the intercity mobility firm collaborated with the National Highways for Electric Vehicles (NHEV) for a collaborative e-mobility initiative aimed at helping private diesel bus operators transition to electric vehicles, with a 15%-20% decrease in running costs expected to make electric vehicles more profitable. ZingBus faces competition in the intercity bus aggregation arena from firms like Yolobus, RailYatri’s IntrCity, redBus’ IntrCity SmartBus, and FreshBus.
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