FreshBus Secures Significant Investment for EV Bus Expansion

FreshBus, a pioneering electric vehicle (EV) bus startup backed by travel platform ixigo, has successfully secured a substantial investment of forty-three point seven crore rupees, equivalent to approximately five point three million dollars, in its Series A funding round. This marks the first round of external funding for the Bengaluru-based company this year.

Investor Participation and Valuation

Maniv Mobility emerged as the lead investor in this funding round, contributing thirty-five point six eight crore rupees, while Riverwalk Holdings also participated with a significant investment. The company had previously initiated discussions to raise one hundred crore rupees in this funding round, indicating the possibility of further capital infusion in the near future.

According to startup data intelligence platform TheKredible, FreshBus has achieved a post-investment valuation of around twenty million dollars in this funding round. However, the valuation is subject to change as the company continues to explore additional investment opportunities.

Building on Previous Success

FreshBus has garnered substantial support from industry leaders, having raised approximately nine million dollars to date. In October of the previous year, the company secured seven point five crore rupees in funding from prominent investors, including Kunal Shah, Sudarshan Venu, managing director of TVS Motors, and Deepak Garg, founder and chief executive officer of Rivigo.

Pioneering EV Bus Mobility

Founded by Sudhakar Reddy Chirra, an industry veteran with a successful track record, FreshBus is poised to revolutionize the public transportation landscape. Chirra’s previous venture, bus aggregator Abhibus, was acquired by ixigo in August 2021, laying the foundation for his entrepreneurial journey in the EV bus segment.

Focus on Growth and Expansion

Despite being in the pre-revenue stage, FreshBus has demonstrated significant growth potential. The company incurred a loss of two point one crore rupees in the fiscal year ending March 2023, according to startup data intelligence platform TheKredible. As the company continues to scale its operations and expand its fleet, it aims to achieve profitability in the coming years.

With this substantial investment, FreshBus is well-positioned to accelerate its growth trajectory, expand its geographic footprint, and solidify its position as a leading player in the burgeoning EV bus market.