Fresh Bus raises Rs 87.5 Cr in Series A round led by VC fund Maniv

Bengaluru-based intercity bus startup Fresh Bus has raised Rs 87.5 crore ($10.5 million) through its Series A funding round. The round was led by international early-stage transportation-focused VC fund Maniv, with participation from Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings. 

With its fleet of 20 electric buses, Fresh Bus provides affordable and eco-friendly travel on its current Bengaluru-Tirupati and Hyderabad-Vijayawada routes. Fresh Bus offers customers a digital-first customer experience, with in-class ticketing, real-time tracking of buses, a robust loyalty programme, and more.

With this new fund, Fresh Bus will expand its route network by adding 15 new routes and launching 150 e-buses soon.

Fresh Bus will use the funds to scale its operations, enhance its technological capabilities, and strengthen its strategic team to drive growth, confirmed the startup.

Backed by industry leaders including Kunal Shah, Founder & CEO, CRED, Sudarshan Venu, MD, TVS Motors, and Deepak Garg, CEO & Founder, Rivigo. Earlier, Fresh Bus also secured 16 Cr as an investment from ixigo, a leading Indian OTA.

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"Having served over four lakh passengers to date with an impeccable 95% OTP (On-Time Performance), an industry best, our goal is to establish a nationwide network and become the Indian market leader for intercity bussing in the upcoming years," said Sudhakar Chirra, Founder & CEO of Fresh Bus.

"We expect to scale to 1000 electric buses pan-India over the next four years, generate skilled employment opportunities for thousands of people and offer a green alternative for mass road transportation," he added.

"Fresh Bus is demonstrating that the wide-scale decarbonisation of transportation is not a promissory burden but an already lucrative economic opportunity," stated Nate Jaret, partner at Maniv Mobility, a transportation-focused early-stage venture fund investing globally.