After reading a lot, here is the closest post I found to my problem:
The difference is I am using Microzed which uses cp210x driver for USB-to-UART connection which attaches to ttyUSB0. But again I cannot see "Hello World" on my terminal.
I tested it with another Microzed to no avail. I created the simialr design on ZedBoard and it connects to ttyACM0 and works fine.
Any help is appreciated.