Zingbus, a Gurugram-based electric intercity bus platform has raised $9 million in its Series A funding round from bp Ventures, the venture capital arm of British oil and gas giant BP.
The funds raised will be used to scale its operations and grow its team.
Zingbus has also signed a commercial agreement with Jio-bp pulse – the electric mobility joint venture between Reliance and bp – to utilize its EV charging network and convenience sites across the country for bus operators on the Zingbus platform. Jio-bp pulse operates India’s largest EV fleet charging hubs and public fast charge points in various cities and major highways. It has recently installed its 5,000th charge point.
In July 2021, ZingBus raised $6 million in its pre-Series A round from Infoedge Ventures, Founders Club, Pioneer Fund, Anim Fund, Locus Ventures, Liquid 2 Ventures, and other notable angel investors.
“Electric buses in India are cheaper to run than diesel ones, and with the Indian Government targeting a 100% electric bus fleet by 2030, we saw an opportunity to not only make the transition from ICE to electric more streamlined and cost-efficient but to also make life easier and safer for people travelling between cities. We’ve created a best-in-class tech platform that addresses the major challenges of running an electric bus, empowering bus operators with the tech they need to transition. This approach makes the model highly scalable and could allow us to support over 3000 electric buses on Indian highways in the next 5-6 years. That’s what we see as being our superpower,” said Zingbus CEO and co-founder, Prashant Kumar.
“Zingbus’ end-to-end tech platform looks to benefit both bus operators and customers, providing an affordable solution to intercity travel. Our investment and Jio-bp pulse’s commercial agreement could help bus operators in their transition to electric fleets whilst delivering a service that is reliable and lower cost. This investment demonstrates bp Ventures’ ambition to champion innovation in the energy sector, alongside working in support of bp’s broader strategy. We look forward to supporting Zingbus as they continue to grow,” said Gareth Burns, Vice President of bp Ventures.
Founded in 2019 by Ravi Kumar Verma, Prashant Kumar and Mratunjay Beniwal, Zingbus has built a tech solutions platform for electric bus operators and their customers travelling between cities. Zingbus platform provides front and back-end digital infrastructure for bus operators, including pricing, fleet management and route optimization services, together with a dedicated ticketing marketplace.
Since its inception in 2019, Zingbus has worked with small and medium-sized bus operators to serve more than two million users across 300 Indian cities.
The company’s tech stack aims to provide an ecosystem that empowers traditional bus operators in India to transition from ICE (internal combustion engine) powered buses to electric vehicles (EVs).
