Fresh Bus, a startup that specializes in all-electric intercity buses, has successfully secured Rs 87.5 crore ($10.5 million) in its Series A investment round.
Fresh Bus announced that it will use the new cash to expand its operations by adding 15 additional routes and introducing 150 new electric buses. In addition to expanding operational activities, the monies will also be allocated to enhancing technology capabilities and bolstering the staff.
The funding was primarily driven by Maniv, an international venture capital fund that focuses on early-stage transportation projects. Other participants in the funding round include Shell Ventures, Alteria Capital, and Riverwalk Holdings, an existing investor.
Fresh Bus had received prior support from prominent figures in the sector, including Kunal Shah, the founder of CRED, Sudarshan Venu, the Managing Director of TVS Motors, and Deepak Garg, the CEO of Rivigo. Prior to this, the company also obtained Rs 16 crore ($2 million) from the publicly traded company ixigo.
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Sudhakar Reddy Chirra launched FreshBus, a company that provides ticketing services, real-time bus tracking, a loyalty program, and various other services. Chirra established the bus aggregation platform Abhibus, which was acquired by ixigo in August 2021 through a transaction involving both cash and stock.
The startup situated in Bengaluru asserts that it has transported more than 400,000 passengers up to now. Chirra states that the company anticipates expanding its operations to include 1000 electric buses across India during the next four years.
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