Intercity mobility startup Zingbus plans to raise INR 59.04 crore (approximately $6.9 million) through a preferential issue of equity shares to investors, including BP Technology Ventures and IE Ventures.
In a filing with the Ministry of Corporate Affairs, the company announced that its board had approved the issuance of 38,455 Series A3 compulsorily convertible preference shares (CCPS), with a face value of INR 1 per share and a premium of INR 15,354 per share, to raise the targeted amount.
BP Technology Ventures will invest INR 41.8 crore into the Delhi NCR-based startup, while IE Venture Fund Follow-On I will contribute INR 14 crore.
Additionally, 9Unicorns Accelerator Fund – I, through its trustee Vistra ITCL (India) Limited, will inject approximately INR 1.24 crore into Zingbus. It’s worth noting that 9Unicorns rebranded as 100Unicorns earlier this year.
Further, AdvantEdge Technology will also invest around INR 2 Cr in the company via various fund schemes.
