Fresh Bus Secures Rs 87.5 Crore in Series A Funding
Indian all-electric intercity bus startup Fresh Bus has raised Rs 87.5 crore ($10.5 million) in its Series A funding round, led by international early-stage transportation-focused VC fund Maniv. The round also saw participation from Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings.
The fresh funds will be utilized to add 15 new routes and deploy 150 new electric buses to Fresh Bus’s fleet. The company aims to scale its operations, enhance technological capabilities, and strengthen its team. This significant investment will enable Fresh Bus to further expand its reach and leverage cutting-edge technology to improve passenger experience.
Fresh Bus has previously secured funding from notable industry leaders such as CRED founder Kunal Shah, TVS Motors MD Sudarshan Venu, and Rivigo CEO Deepak Garg. The company was founded by Sudhakar Reddy Chirra, who previously founded bus aggregator Abhibus, which was acquired by ixigo in August 2021.
According to the company, Fresh Bus has ferried over 4 lakh passengers to date and aims to scale to 1000 electric buses pan-India over the next four years. The Bengaluru-based company offers various services, including ticketing, real-time tracking of buses, and a loyalty program.
Fresh Bus competes with other organized travel agencies across regions, including IntrCity SmartBus, ZingBus, Yolobus, and gogoBus. Despite being in its pre-revenue stage, Fresh Bus has shown significant traction and is poised for further growth with the new funding.
Key Highlights:
- Fresh Bus raises Rs 87.5 crore in Series A funding
- Maniv leads the round with participation from Shell Ventures, Alteria Capital, and Riverwalk Holdings
- Funds to be used for operational expansion, technological upgrades, and team strengthening
- Company aims to add 15 new routes and deploy 150 electric buses
- Founder Sudhakar Reddy Chirra targets 1000 electric buses pan-India over the next four years.
