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ixigo-backed Fresh Bus raises $10.5 Mn in Series A round

EntrackrEntrackr · 1y ago
ixigo-backed Fresh Bus raises $10.5 Mn in Series A round
Medial

All-electric intercity bus startup Fresh Bus has raised Rs 87.5 crore ($10.5 million) in Series A funding round led by international early-stage transportation-focused VC fund Maniv, with participation from Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings. Last month, Entrackr exclusively reported about Fresh Bus’ new round. Fresh Bus will utilize the new funds to add 15 routes and deploy 150 new electric buses, the firm said in a press release. Besides scaling ops, the funds will also be deployed towards raising technological capabilities, and strengthening its team. Fresh Bus was previously backed by notable industry leaders such as CRED founder Kunal Shah, TVS Motors MD Sudarshan Venu, and Rivigo CEO Deepak Garg. Earlier, the firm also secured Rs 16 crore ($2 million) from public company ixigo. FreshBus, which offers ticketing, real-time tracking of buses, loyalty program, among other services, was founded by Sudhakar Reddy Chirra. Chirra had built bus aggregator Abhibus which was acquired by ixigo in August 2021 in a cash and stock deal. The Bengaluru-based company claims to have ferried over 4 lakh passengers to date. According to Chirra, the firm expects to scale to 1000 electric buses pan-India over the next four years. As per startup data intelligence platform TheKrediblle, FreshBus was a pre-revenue stage firm with a loss of Rs 2.1 crore during FY23. The company is yet to file its annual financial results for FY24. Fresh Bus competes with IntrCity SmartBus, ZingBus, Yolobus, and gogoBus, among several organized travel agencies across regions.

Intercity EV bus startup LeafyBus raises $4.1 Mn from Enetra EV

EntrackrEntrackr · 13d ago
Intercity EV bus startup LeafyBus raises $4.1 Mn from Enetra EV
Medial

Intercity EV bus startup LeafyBus raises $4.1 Mn from Enetra EV Delhi-based intercity EV bus startup LeafyBus has raised $4.1 Mn in pre-Series A funding from Enetra EV, backed by Singapore’s Impact Capital Asia Management (ICAM). The fresh funds will be used to grow its electric bus fleet and expand services. Founded in 2023 by Rohan Dewan and Animesh Sharma, LeafyBus currently runs electric buses on Delhi–Dehradun and Delhi–Agra routes. The startup now plans to add 100 more buses within the next two years and extend services to cities such as Chandigarh and Jaipur. LeafyBus claims itself as the only long-distance bus operator using a 360 kW fast-charging station. Its fleet comes from OEMs like JBM and Azad India Mobility, with plans to partner with Tata and Eicher for future expansion. The firm follows a hybrid model, owning about 20–25% of its buses while leasing the rest. The startup is aiming for a revenue of Rs 75–80 crore in FY26. Among intercity operators, it competes with NueGo, Fresh Bus, Zing Bus, Yolobus, FlixBus, and Redbus. Last year, ixigo-backed Fresh Bus raised $10.5 million in Series A funding, while Zingbus secured $7 Mn from bp Ventures. The Indian EV market is projected to grow from $23.38 billion in 2024 to $117.78 billion by 2032, at a CAGR of 22.4%. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

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