Ixigo-backed FreshBus has secured Rs 43.7 crore or $5.3 million in its Series A round led by Maniv Mobility with Rs 35.68 crore along with Riverwalk Holdings.
As per its regulatory filing with the Registrar of Companies (RoC), the company board passed a special resolution to issue 2 equity shares and 63,825 CCPS at an issue price of Rs 6,845 each to raise the total amount.
This fundraising is likely to continue as the company had set up goals to raise funds worth Rs 100 crore for the ongoing round. Though the valuation is subject to variation in case of further capital injection, the current company valuation for this funding round (post-allotment) is $20 million.
So far, FreshBus has secured around $9 million in funds. The Bengaluru-based company’s latest funding came in October 2023, raising Rs 7.5 crore from Kunal Shah, TVS Motors MD Sudarshan Venu, and Rivigo CEO & founder Deepak Garg.
The EV startup’s founder Sudhakar Reddy Chirra had also established bus aggregator Abhibus which was acquired by Ixigo in August 2021 through a cash and stock deal.
While it is yet to file its annual financial results for the previous fiscal year, the startup’s reports for fiscal year ended March 2023 indicated a pre-revenue stage with loss worth Rs 2.1 crore.
