Bengaluru-based ZipGo Technologies Pvt Ltd, operating bus pooling app ZipGo, has acquired Supreme Trans Concepts, a Pune-based bus aggregator, in a cash-and-stock deal.
With this deal, ZipGo will become the country's largest technology-driven, business-to-customerbus company across metrics including cities, fleet size, rides per day, and revenue.
Post acquisition, Prashant Mohite, Co-founder of Supreme Trans Concepts, will stay on as Chief Executive Officer and also take up additional responsibilities as Executive Vice President at ZipGo.
The deal marks ZipGo's first acquisition since closing Rs 300 crore in Series B funding round from Essel Green Mobility Ltd.
Jitender Kumar, CEO of ZipGo, said, "Financially, the transaction is already accretive. Additional cost synergies will be realized over the next 3-6 months, by operating under the single ZipGo brand, moving MetroZip to the ZipGo technology platform and centralizing operational functions, which will further increase the profitability of the combined business. This acquisition will also help us accelerate our goal of bringing electric buses to market."
Pritesh Gupta, Co-founder COO, ZipGo stated, "This acquisition will now also enable us to launch Mumbai-Pune bus service, which is one of the most popular routes in India."