Intercity mobility startup ZingBus is raising Rs 59 crore (approximately $7 million) led by BP Technology Ventures. This is the first significant investment for the Gurugram-based firm in 2024.
The board at Zingbus has passed a special resolution to issue 38,455 preference shares at an issue price of Rs 15,355 each to raise Rs 59 crore or $7 million, its regulatory filings sourced from the Registrar of Companies show.
BP Ventures led the round with Rs 41.8 crores while Info Edge-backed IE Ventures Fund Follow-On pumped in Rs 14 crore. 9 unicorns and AdvantEdge VC participated with Rs 1.25 crore and 2 crore, respectively.
The fresh proceeds will be used for the expansion and growth and meeting the additional capital requirements, the filing added.
As per the filing, the new funding round will result in a dilution of approximately 11.16% of the company’s equity. BP Ventures will acquire a 7.9% stake, while IE Ventures, backed by Info Edge, will hold 6.07%.
According to Fintrackr’s estimates, the company will be valued at around Rs 530 crore (approximately $63 million) post-allotment. The tranche could be a part of a larger round as reported by Entrackr in April last year.
Four-year-old Zingbus aggregates fleets of buses to provide an end-to-end intercity travel service to its customers.
ZingBus has yet to file its annual results for FY24, during the fiscal year ended March 2023, it recorded a 3X year-on-year growth to Rs 218 crore with a loss standing at Rs 51 crore.
In the intercity bus aggregating space, ZingBus competes with the likes of Yolobus, RailYatri’s IntrCity, Abhibus and FreshBus.
Source: Entrackr : Latest Posts