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ZipGo gets Rs 300 cr funding from Essel Green Mobility

Press Trust of India  |  New Delhi 

ZipGo, an app-based provider of intra-city and in India, today said it has raised Rs 300 crore in funding from Chandra-led

The series B funding is by Essel Green Mobility (EGM), a subsidiary of (EIL) -- the infrastructure arm of the Essel Group, a statement said.

"The investment is in line with EIL's foray into electric vehicle segment this year," the statement said.

EGM is the holding company for the electric-vehicles and green mobility initiatives of EIL. EIL has a diversified portfolio of infrastructure projects across 10 business verticals.

"This investment will be used to transition to a fleet of 100 per cent electric buses, expand our fleet and in existing cities and starting operations in new cities," Pritesh Gupta, of ZipGo, said.

He added that the investment will also help in expanding operations in smaller cities such as Udaipur, Indore, Bhubaneswar, Mangalore, and Visakhapatnam, among others.

"This investment is to help accelerate the growth of and the adoption of electric buses in We have invested Rs 200 crore in ZipGo's current intra-city and inter-city bus business to expand the fleet and and to transition to a 100 per cent electric buses fleet," EIL New Initiatives said.

He added that an additional Rs 100 crore will be pumped in over the next 12 months to launch electric rickshaws across multiple states on the platform.

was launched by Jitender Sharma, and after raising a USD 3 million seed investment in July 2015 from

It raised USD 6 million in Series A investment, co-led by and Omidyar Network, in December 2016.

ZipGo started intra-city bus operations in in August 2015, and currently provides for individuals and corporates in Delhi, Bengaluru, and

In February this year, EIL had forayed into the electric mobility space with an investment commitment of Rs 4,250 crore.

Last week, it started setting up electric charging stations and battery swapping terminals across 20 cities of at an investment of Rs 1,750 crore, the statement said.

"The investment in ZipGo is a continuation of our commitment to further accelerate the adoption of in India," Agarwal said.

Jitender Sharma, co-founder and of ZipGo, said urban mass transport is a huge infrastructure gap in

"This investment, along with the support of the Essel Group, will now allow ZipGo to accelerate its growth, with a clear focus on green mobility, and successfully navigate the operational challenges of building a pan-business," he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 08 2018. 13:45 IST
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