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Zingbus secures funding from Titan Capital, Ritesh Agarwal, others

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NEW DELHI: Zingbus has secured an undisclosed pre-Series A investment led by Venture Catalysts, Titan Capital, Better Capital, Ritesh Agarwal, Founder, Oyo and Anupam Mittal, Founder, People Group. The funding round also saw participation from 9Unicorns accelerator fund, AdvantEdge Founders, Smile Internet, MG Group, and several other marquee angel investors.

Zingbus currently enables more than 2,000 daily journeys across Delhi/NCR, Himachal Pradesh, Uttar Pradesh, Madhya Pradesh, Uttarakhand, Rajasthan, Gujarat, Maharashtra, Jammu, Haryana, and Punjab. The platform will utilize the funds to increase its operational footprint across the country and expand the scale of its fleet operations to 500 buses in the next 12 months. It was co-founded in 2019 by IIT Kharagpur graduates Prashant Kumar, Mratunjay and Ravi Kumar Verma.

In a statement, Prashant Kumar, Co-Founder & CEO, Zingbus said, “With almost 10 million daily intercity bus rides in India, the overall market is worth $15 billion at present and is growing at a CAGR of 18%. About 25% of this market is semi-deluxe, air-conditioned buses, which will be zingbus’ focus area for the next few years.”

“A major part of the funds will be utilized in building a technology stack that will allow us to deliver better experience to travelers at 10% lesser fares and scale up to become the largest intercity bus fleet operator in the country,” said Ravi Kumar Verma, Co-Founder & CTO – zingbus, in a statement.

“The COVID-19 outbreak has orchestrated a black swan event for small companies like us to rise to the occasion and create technology that will be the preferred enabler for a future of safe and reliable travel,” said Mratunjay, Co-founder and COO – zingbus, in a statement.

Apoorva Ranjan Sharma, co-founder, Venture Catalysts, stated, “The platform has the potential to revolutionize the intercity travel services space in India.”

Ina statement, Bipin Shah, partner, Titan Capital said, “The company reaches the end-customer digitally in a more effective manner and has emerged as an affordable service provider on popular routes.”

Zingbus plans to run 2,500 buses across all the country’s major travel corridors within the next three years.

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