VC Fund Investments
Intercity mobility provider ZingBus raises Rs.59-Cr led by Info Edge, BP Ventures
Gurugram-based intercity mobility startup ZingBus has raised INR 59 crore (around USD 7 million) led by BP Ventures via BP Technology Ventures (INR 41.8 crores for 7.9% stake) with participation from Info Edge-backed IE Ventures Fund (INR 14 crore for 6.07% stake), 100Unicorns (INR 1.25 crore) and AdvantEdge VC (INR 2 crore) at a post-money valuation of INR 530 crore (around USD 63 million). The new round will dilute the company's equity by 11.16%.The company is to issue 38,455 preference shares at an issue price of INR 15,355 each to raise the investment. The funds will be used for the expansion, growth and meeting the additional capital requirements.Zingbus aggregates fleets of buses to provide an end-to-end intercity travel service to its customers. It claims to have recorded a 3X YoY growth to INR 218 crore.
Between Oct 2019 and Jan 2021, Zingbus had raised about USD 7 M from Sehgal Family Office, AdvantEdge Partners, Info Edge, Liquid2 Ventures, Locus Ventures and Pioneer Fund.
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