BUSINESS & FINANCE
ZipGo Tech in talks with Essel Group to raise Rs 300 cr: sources
Bus aggregator ZipGo Technologies is in discussions with Essel Group to raise about Rs 300 crore to help the company scale its operations and inducting electric vehicles on its platform, according to sources.
The sources, who did not wish to be identified as the deal is yet to be closed, said ZipGo will utilise the fresh funds to expand operations in newer cities in India and towards induction of electric buses and rickshaws.
Currently, Zipgo operates in Bengaluru, Mumbai, Jaipur and Hyderabad.
When contacted, ZipGo and Essel declined to comment on the matter.
Founded in 2015 by Pritesh Gupta, Gaurav Agarwal and Jitender Sharma, ZipGo has raised over USD 8 million from Orios Venture Partners, Omidyar and others.
One of the sources said, the new funding will be used to enter cities like Ahmedabad, Pune, Chennai, Indore, Delhi and Kolkata.
Zipgo's competitor Shuttl had recently raised USD 11 million led by Amazon India, Alexa fund and Denstu ventures.
Another source said Essel is looking at expanding its play in smart cities and mobility, and investing in Zipgo is a part of that roadmap.
The person added that the announcement is likely to be made in the next few weeks.
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