Intercity mobility startup ZingBus is in late-stage talks to raise $12 to $15 million in a new round, two sources aware of the development told Entrackr. The Gurugram-based company is raising funds after a gap of more than 20 months.
“InfoEdge will lead this round as ZingBus is planning to expand into newer cities and ramp up its fleets,” said one of the sources requesting anonymity. “Other existing and new investors will also participate in the round.”
In July 2021, ZingBus scooped up close to $6 million in its pre-Series A round from Infoedge Ventures, Founders Club, Pioneer Fund, Anim Fund, Locus Ventures, Liquid 2 Ventures, and a clutch of notable angel investors. If the new round goes through, ZinBus will have close to $20 million in total funding which also includes an undisclosed amount of funding from Y Combinator’s winter 2021 batch.
Four-year-old Zingbus aggregates fleets of buses to provide an end-to-end intercity travel service to its customers. Founded by Mratunjay Beniwal, Ravi Kumar Verma and Prashant Kumar, the company claims to have established a network of more than 350 buses catering to over 500 cities. The firm recently said that it has served more than 3 million customers across 18 states in Northern, Western and Southern regions of India.
According to sources, the company will be valued in the range of $70 million (post money). Queries sent to ZingBus and Info Edge did not elicit an immediate response. We’ll update the post in case they do.
Last month, the company tied up with the National Highways for Electric Vehicles (NHEV) for a joint e-mobility project. The project aims to help private diesel bus operators convert to accepting and working with electric vehicles as it expects the electric vehicles to be more profitable with a 15%-20% decrease in the running cost.
In intercity bus aggregating space, ZingBus competes with the likes of Yolobus, RailYatri’s IntrCity, and FreshBus.