BP Technology Ventures is leading an effort to raise Rs. 59 crore, or roughly $7 million, for the intercity mobility startup ZingBus. This is the company's first big investment of 2024; it is based in Gurugram.

According to Zingbus's regulatory filings obtained from the Registrar of Companies, the board approved a special resolution to issue 38,455 preference shares at an issue price of Rs. 15,355 apiece in order to raise Rs. 59 crore, or $7 million.

With a total investment of Rs. 41.8 crores, BP Ventures took the lead, followed by the Info Edge-backed IE Ventures Fund Follow-On with Rs. 14 crore. AdvantEdge VC contributed two crore and nine unicorns one crore, respectively.

Zingbus, which has been operating for four years, combines fleets of buses to offer its clients a comprehensive intercity travel service.

According to the filing, the additional funds will be utilized for growth and expansion as well as to cover additional capital needs.

ZingBus has not yet released its FY24 annual results; however, in the fiscal year that concluded in March 2023, it saw a 3X increase in revenue year over year to Rs. 218 crore and a Rs. 51 crore loss.

The new funding round will cause a dilution of roughly 11.16% of the company's equity, according to the filing. 7.9% of the company will be acquired by BP Ventures, and 6.07% will be held by Info Edge-backed IE Ventures.

ZingBus faces competition from companies such as Yolobus, RailYatri's IntrCity, Abhibus, and FreshBus in the intercity bus aggregating market.

The new funding round will cause a dilution of roughly 11.16% of the company’s equity, according to the filing.