Zingbus All Set To Raise INR 59 Cr funding

InfoEdge-backed intercity mobility startup ZingBus is set to raise INR 59.04 crore (around $6.9 million) by issuing equity shares to investors, including BP Technology Ventures and IE Ventures.

In a filing with the Ministry of Corporate Affairs, the company stated that its board approved the issuance of 38,455 Series A3 compulsorily convertible preference shares (CCPS) at a face value of INR 1 each, with a premium of INR 15,354 per share, to raise the funds.

In addition, BP Technology Ventures invest INR 41.8 crore, IE Venture Fund Follow-On I will invest INR 14 crore, and 9Unicorns Accelerator Fund – I, through its trustee Vistra ITCL (India) Limited, will also invest about INR 1.24 crore into ZingBus.

Additionally, AdvantEdge Technology will invest around INR 2 crore in the company through various fund schemes.

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Previously, ZingBus had raised Rs 44.6 crore ($6 million) in a pre-series A round led by InfoEdge Ventures. The round also saw investments from Silicon Valley-based Funders Club, Pioneer Fund, Anim Fund (Founders Fund Scout), Locus Ventures, and LiquiZingBus d 2 Ventures. Existing investors AdvantEdge Technology Fund, 9Unicorns, and Venture Catalyst also participated in this round.

About ZingBus

Founded in 2019 by Ravi Kumar Verma, Prashant Kumar and Mratunjay, ZingBus brings together bus fleets to offer a seamless and consistent intercity travel experience. The company’s goal is to make safe, reliable travel available to everyone, ensuring that customers have access to a hassle-free journey from start to finish.

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