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Intercity mobility startup Zingbus is set to raise INR 59.04 Cr (around $6.9 Mn) through a preferential issue of equity shares to investors, including BP Technology Ventures and IE Ventures among others.
In a filing with the ministry of corporate affairs, the company said its board approved the issuance of INR 38,455 Series A3 compulsorily convertible preference shares (CCPS) at a face value of INR 1 each and a premium of 15,354 per share to raise the sum.
While BP Technology Ventures will infuse INR 41.8 Cr into the Delhi NCR-based startup, IE Venture Fund Follow-On I will invest INR 14 Cr.
Meanwhile, 9Unicorns Accelerator Fund – I via its trustee Vistra ITCL (India) Limited will pump in about INR 1.24 Cr into Zingbus. Notably, 9Unicorns rebranded itself to 100Unicorns earlier this year.
Further, AdvantEdge Technology will also invest around INR 2 Cr in the company via various fund schemes.
(The story will be updated soon)
The post Zingbus To Raise INR 59 Cr via Preferential Issue appeared first on Inc42 Media.
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