Bengaluru-based all-electric intercity bus startup Fresh Bus has raised Rs 87.5 crore (or around $10.5 million) in a Series A round funds round.
The round was led by Maniv, an international early-stage venture capital fund focused on transportation.
Shell Ventures, Alteria Capital and existing investor Riverwalk Holdings also participated in the round.
Purpose of fundraising
Fresh Bus intends to use the capital raised to expand its operations by adding 15 routes and deploying 150 new electric buses.
The startup will also focus on improving its technological capabilities and strengthening its team.
Fresh Bus is also backed by notable investors like CRED Founder Kunal Shah, TVS Motors Managing Director Sudarshan Venu and Rivigo CEO Deepak Garg.
With the goal of reaching 1,000 electric buses
Sudhakar Chirra, founder and CEO of Fresh Bus, said the company hopes to reach 1,000 electric buses across India in the next four years.
“We hope to have 1,000 electric buses across India in the next four years, generating skilled employment opportunities for thousands of people and offering an eco-friendly alternative to mass road transport,” Chirra said.
Sudhakar Reddy Chirra is also the founder of bus aggregator Abhibus, which was Acquired by ixigo in August 2021 in a cash and stock deal.
Fresh Bus’ presence in the market
Currently, Fresh Bus operates 20 electric buses, providing eco-friendly and affordable travel on routes like Bengaluru-Tirupati and Hyderabad-Vijayawada.
The startup is committed to offering a digital customer experience that includes in-class ticketing, real-time bus tracking and a comprehensive loyalty program.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.