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ZipGo raises Rs 2-billion funding from Subhash Chandra-led Essel Group

T E Narasimhan/Chennai 08 Aug 18 | 05:36 PM

ZipGo

ZipGo, an app-based provider of intra- and inter-city bus services in India, has raised Series B investment from Subhash Chandra-led Essel Group. The funding is by Essel Green Mobility (EGM), a subsidiary of Essel Infraprojects Ltd (EIL), the infrastructure arm of the Essel Group. 

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Ashok Agarwal, CEO - New Initiatives, Essel Infraprojects Limited, said the company has invested Rs 2 billion in ZipGo’s current bus business to expand fleet and route network and to transition to a 100 per cent electric-buses fleet. 

The company will be investing an additional Rs 1 billion over the next 12 months to launch electric rickshaws across multiple states on the ZipGo platform.

The investment is in line with Essel Infraprojects' foray into electric vehicle segment this year. Essel Green Mobility is the holding company for the electric-vehicles and green mobility initiatives of EIL.

ALSO READ: How electric cars and smartphones are sparking a 21st century gold rush

The financing will also help the company to launch e-rickshaws later this year and go beyond tier 1 and tier 2 cities and start operations in smaller cities.

ZipGo was launched by Jitender Sharma, Gaurav Agarwal and Pritesh Gupta after raising a $3 million seed investment in July 2015 from Rehan Yar Khan led Orios Ventures. 

ALSO READ: Giving electric vehicles a leg up

ZipGo started intra-city bus operations in Bangalore in August 2015, and currently provides bus services for individuals and corporates from its regional hubs in Delhi, Bangalore, Mumbai and Hyderabad. ZipGo had previously raised $6 million Series A investment, co-led by Ventureast and Omidyar Network, in December 2016.

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