Fresh Bus, an all-electric intercity bus startup, has secured ₹87.5 crore ($10.5 million) in a Series A funding round led by transportation-focused venture capital firm Maniv. The round also saw participation from Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings.
The newly raised funds will be deployed to expand Fresh Bus’s operations, with plans to introduce 150 new electric buses and establish 15 additional routes. The company will also invest in enhancing its technological capabilities and strengthening its team.
Fresh Bus has attracted significant attention from industry leaders, including CRED founder Kunal Shah, TVS Motors Managing Director Sudarshan Venu, and Rivigo CEO Deepak Garg. In an earlier round, the company secured ₹16 crore ($2 million) from ixigo.
Founded by Sudhakar Reddy Chirra, Fresh Bus offers a range of services including ticketing, real-time bus tracking, and a loyalty program. Chirra previously built the bus aggregator Abhibus, which ixigo acquired in August 2021.
With its headquarters in Bengaluru, Fresh Bus claims to have transported over 4 lakh passengers to date. Chirra has set ambitious targets for the company, aiming to scale its fleet to 1,000 electric buses across India over the next four years.
As per startup data intelligence platform TheKredible, Fresh Bus was at a pre-revenue stage with a reported loss of ₹2.1 crore during FY23. The company is yet to file its financial results for FY24.
Fresh Bus faces competition from other organized travel agencies and platforms like IntrCity SmartBus, ZingBus, Yolobus, and gogoBus.
