Silicon Valley-based Y Combinator selects a group of early-stage companies twice a year, mentors them over a period of three months and invests $125K in them. Airbnb and Doordash, two of YC’s portfolio companies, went for IPO recently. Some of the Indian companies that the fund has backed in the past include Cleartax, Razorpay, Meesho, Khatabook, Groww, Cashfree and OkCredit.
The funds will be used to strengthen zingbus’s presence in existing cities and expand to new geographies. A significant part of the funds will also be utilized in building a technology stack that will allow the platform to deliver a better experience to travellers.
Speaking about travel in the post-pandemic world, Prashant Kumar, Co-Founder & CEO, zingbus, in a statement said, “Safety inside the coach has been a huge concern for travellers post-pandemic. We have deployed multiple tool kits for the bus crew to ensure that every trip was sanitized and all safety norms were followed every time. This has not only reassured the faith of travellers in zingbus, but also helped in dissipating the taboo associated with travel.”
“Bus travel is large and growing but incredibly broken in terms of the experience for travellers, crew as well as the owners. The missing piece is the technology that removes friction and enhances the experience for all parties,” said Vaibhav Domkundwar, CEO Better Capital, in a statement.
“With large parts of travel and commute getting organized and having already moved online, it is only a matter of time before inter-city bus travel gets disrupted. This market segment has witnessed massive value creation internationally, and I am confident zingbus will do the same in India,” said Anupam Mittal, CEO People Group, in a statement.
Earlier this year zingbus raised an undisclosed amount of funding from Arora Ventures, Titan Capital, Better Capital, Venture Catalysts, Anupam Mittal and other marquee investors. zingbus currently enables more than 2,000 daily journeys across Delhi/NCR, Himachal Pradesh, Uttar Pradesh, Madhya Pradesh, Uttarakhand, Rajasthan, Gujarat, Maharashtra, Jammu, Haryana, and Punjab.
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