bp Ventures invests $9M in intercity bus platform Zingbus
bp Ventures, the venture capital arm of British oil and gas giant BP, said the startup will use the new investment to scale its operations and grow its team.
bp Ventures on Tuesday said it invested $9 million in Gurugram-based electric intercity bus platform Zingbus in its Series A funding round.
The venture capital arm of British oil and gas giant BP said the startup will use the new investment to scale its operations and grow its team.
Founded in 2019, Zingbus operates a platform that provides frontend and backend digital infrastructure for bus operators, including pricing, fleet management, route optimisation services, and a dedicated ticketing marketplace.
“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 make life easier and safer for people travelling between cities,” said Zingbus Co-founder and CEO Prashant Kumar.
The company has also signed a commercial agreement with Jio-bp pulse, the electric mobility joint venture between Reliance and BP to help utilise its EV charging network and convenience sites for bus operators on Zingbus’ platform.
“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 while delivering a service that is reliable and lower cost,” said Gareth Burns, Vice President of bp Ventures.
According to data website Tracxn, Zingbus, which counts Venture Catalysts, Info Edge Ventures, and Titan Capital, among others on its cap table, was valued at $10.4 million, as of March 16, 2021.
The investment also comes when EVs, including electric buses, are seeing rising traction in the Indian market, helped by government schemes such as PM E-DRIVE and consumers looking for sustainable modes of transportation.
Tracxn data showed Zingbus is the market leader in the segment with a 53% market share, followed by Fresh Bus with a 26% share, and NueGo with 20%.
Edited by Suman Singh