bp Ventures invests $9 million in India’s intercity bus platform Zingbus

bp Ventures, a venturing arm of bp, has invested $9 million in Delhi-based Zingbus as part of its Series A funding round.

It has built a tech solutions platform for electric bus operators and their customers travelling between cities. 

The startup's platform provides front and back-end digital infrastructure for bus operators, including pricing, fleet management and route optimization services, together with a dedicated ticketing marketplace.

Zingbus' market presence

Founded in 2019 by Prashant Kumar, Mratunjay Beniwal, and Ravi Verma, Zingbus aggregates small bus companies under its brand umbrella, helping them increase their profits and deliver a reliable experience to travellers.

The startup claims to have worked with small and medium-sized bus operators to serve more than two million users across 300 Indian cities. 

The startup's tech stack aims to provide an ecosystem that empowers traditional bus operators in India to transition from ICE (internal combustion engine) powered buses to electric vehicles (EVs).

“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 also make life easier and safer for people travelling between cities," said Zingbus CEO and co-founder, Prashant Kumar.

He said Zingbus has developed a tech platform that addresses the major challenges of running an electric bus, empowering bus operators with the tech they need to transition.

"This approach makes the model highly scalable and could allow us to support over 3000 electric buses on Indian highways in the next 5-6 years. That’s what we see as being our superpower," Kumar added.

Signing a commercial agreement with Jio-bp pulse

Zingbus has also signed a commercial agreement with Jio-bp pulse - the electric mobility joint venture between Reliance and bp - to utilize its EV charging network and convenience sites across the country for bus operators on the Zingbus platform. 

Jio-bp pulse operates India’s largest EV fleet charging hubs and public fast charge points in various cities and major highways. It has recently installed its 5,000th charge point.

“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 whilst delivering a service that is reliable and lower cost," said Gareth Burns, vice president of bp Ventures.