March 8, 2021

OYO: Zingbus secures funding from Titan Capital, Ritesh Agarwal, others

NEW DELHI: Zingbus has secured an undisclosed pre-Sequence A funding led by Enterprise Catalysts, Titan Capital, Higher Capital, Ritesh Agarwal, Founder, Oyo and Anupam Mittal, Founder, Folks Group. The funding spherical additionally noticed participation from 9Unicorns accelerator fund, AdvantEdge Founders, Smile Web, MG Group, and a number of other different marquee angel buyers.

Zingbus at present permits greater than 2,000 each day journeys throughout Delhi/NCR, Himachal Pradesh, Uttar Pradesh, Madhya Pradesh, Uttarakhand, Rajasthan, Gujarat, Maharashtra, Jammu, Haryana, and Punjab. The platform will make the most of the funds to extend its operational footprint throughout the nation and broaden the dimensions of its fleet operations to 500 buses within the subsequent 12 months. It was co-founded in 2019 by IIT Kharagpur graduates Prashant Kumar, Mratunjay and Ravi Kumar Verma.

In an announcement, Prashant Kumar, Co-Founder & CEO, Zingbus mentioned, “With virtually 10 million each day intercity bus rides in India, the general market is value $15 billion at current and is rising at a CAGR of 18%. About 25% of this market is semi-deluxe, air-conditioned buses, which will likely be zingbus’ focus space for the following few years.”

“A serious a part of the funds will likely be utilized in constructing a expertise stack that may permit us to ship higher expertise to vacationers at 10% lesser fares and scale as much as turn out to be the biggest intercity bus fleet operator within the nation,” mentioned Ravi Kumar Verma, Co-Founder & CTO – zingbus, in an announcement.

“The COVID-19 outbreak has orchestrated a black swan occasion for small corporations like us to rise to the event and create expertise that would be the most well-liked enabler for a way forward for secure and dependable journey,” mentioned Mratunjay, Co-founder and COO – zingbus, in an announcement.

Apoorva Ranjan Sharma, co-founder, Enterprise Catalysts, said, “The platform has the potential to revolutionize the intercity journey companies house in India.”

Ina assertion, Bipin Shah, accomplice, Titan Capital mentioned, “The corporate reaches the end-customer digitally in a simpler method and has emerged as an inexpensive service supplier on common routes.”

Zingbus plans to run 2,500 buses throughout all of the nation’s main journey corridors inside the subsequent three years.

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