Info Edge-backed Zingbus crosses Rs 150 Cr revenue in FY25

Intercity mobility platform Zingbus nearly doubled its scale in the fiscal year ending March 2025. However, the Gurugram-based company continued to remain in losses.

Zingbus’ revenue from operations surged 85% to Rs 161 crore in FY25 from Rs 87 crore in FY24, according to its financial statements filed with the Registrar of Companies (RoC).

Zingbus primarily generates revenue from intercity bus ticketing services. Revenue from these services was the sole source of revenue for the company.

On the spending side, bus hire charges formed the largest expense element contributing over 63% of the total expenditure. This cost jumped 147% to Rs 121 crore in FY25 from Rs 49 crore in FY24.

Guarantee commission paid to fleet partners also rose sharply by 78% to Rs 16 crore, whereas employee benefit expenses grew moderately by 7% to Rs 15 crore. Advertising expenses increased 9% to Rs 6 crore in the same period.

Overall, Zingbus’ total expenditure grew 65% to Rs 191 crore in FY25 from Rs 116 crore in FY24. For a more detailed expense breakdown, refer to TheKredible.

Despite the sharp scale up, the company managed to significantly improve its operating efficiency. EBITDA loss reduced to Rs 30.4 crore in FY25 from Rs 38.7 crore, translating into an EBITDA margin improvement from -44.5% in FY24 to -18.9% in FY25.

Zingbus posted a net loss of Rs 25 crore in FY25, almost flat compared to Rs 24 crore loss in FY24. Its ROCE and EBITDA margin stood at -40.39% and -18.88% respectively.

On a unit level, the company spent Rs 1.19 to earn a rupee of operating revenue during FY25 as compared to Rs 1.33 per rupee in the previous fiscal year. Zingbus held cash and bank balances of Rs 3 crore, with current assets standing at Rs 9 crore at the end of FY25.

According to TheKredible, Zingbus has raised a total of $25 million of funding till date, having AdvantEdge Technologies, Info Edge and BP Ventures as its lead investors.

Zingbus is one of those bets that seem obvious, but could yet play out poorly should the rules change significantly. With its focus on an EV fleet and carbon neutral rides, the firm is certainly making a case for a long term ride, in terms of the available opportunity and early mover advantage. But the high dependence on China made buses in India, or the limits placed by inadequate , if improving charging infra are real risks. A significant fall in global LNG prices is a real risk for the sector in that it might slow down the electrification push, for instance in public transport. But Zingbus has done most things right, and is building a valuable brand and recognition in a cluttered market.  It would dearly love to spend more on that probably, but is hamstrung by market economics. Perhaps opening up new segments that normally do not consider buses is one way out, but even more so, piling on miles driven without incident will become its most precious asset if it can manage it.