bp Ventures Invests USD 9 Mn in Zingbus to Drive Electric Intercity Travel in India The raised funds will be used to expand operations, strengthen the team, and accelerate the transition of traditional buses to electric vehicles (EVs).
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bp Ventures, the venture capital arm of British energy giant BP, announced a USD 9 million investment in Gurugram-based electric intercity bus platform Zingbus during its Series A funding round.
The raised funds will be used to expand operations, strengthen the team, and accelerate the transition of traditional buses to electric vehicles (EVs).
Founded in 2019, Zingbus provides small and medium-sized bus operators with a cutting-edge platform for pricing, fleet management, route optimisation, and ticketing. Over the years, the company has partnered with operators across North, West, and South India, covering over 500 cities in 18+ states with a fleet of more than 350 buses. With a strong focus on reliability and safety, Zingbus has served more than three million users, solidifying its position as one of India's most dependable bus services.
Zingbus is poised to play a crucial role in India's EV revolution, driven by its innovative platform that aids operators in transitioning from internal combustion engine (ICE) buses to electric ones. "Electric buses in India are cheaper to run than diesel ones," noted Zingbus Co-founder and CEO Prashant Kumar. "With the government targeting a 100% electric bus fleet by 2030, this is a tremendous opportunity to make intercity travel safer, more efficient, and eco-friendly."
The investment also marks a significant partnership with Jio-bp pulse, the joint venture between Reliance and BP. This collaboration will grant Zingbus access to Jio-bp pulse's expansive EV charging network, comprising over 5,000 fast-charging points in cities and along highways. The agreement aims to ensure seamless EV operations for Zingbus operators.
"Zingbus' tech-enabled platform not only benefits operators but also offers a reliable, affordable travel solution for customers," said Gareth Burns, Vice President of bp Ventures. "Our investment, alongside Jio-bp pulse's infrastructure, is a step toward a greener future for intercity travel."
Zingbus, valued at USD 10.4 million in 2021, boasts a 53% market share, outpacing competitors Fresh Bus (26%) and NueGo (20%), according to Tracxn data. The investment comes at a time when government initiatives like PM E-DRIVE and increasing consumer interest in sustainable transportation are driving EV adoption in India.
