Fresh Bus, an up-and-coming player in the electric inter-city bus service sector, has successfully raised INR 7.5 crore in its latest funding round. Distinguished investors, including Kunal Shah, Founder and CEO of CRED, Sudarshan Venu, Managing Director of TVS Motor Company, and Deepak Garg, Founder and CEO of Rivigo, led this second round of financial backing for the startup.
In a previous seed funding round held in November 2022, Fresh Bus had secured INR 16 crore in funding with support from Ixigo, a prominent online travel solutions platform. With this recent capital infusion, Fresh Bus’s total funding has now reached INR 23.5 crore.
Fresh Bus’s Ambitious Plans for the Funding
Fresh Bus has big plans for deploying this new capital effectively. Sudhakar Reddy Chirra, Founder and CEO of Fresh Bus, has revealed that a significant portion of the funds will be earmarked for technological development. Additionally, some of the funding will be directed towards expanding the company’s workforce.
Chirra underlines that Fresh Bus is more than just a bus service – it integrates technology and sustainability into its business model. The startup harnesses advanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), to forecast fares for various routes.
Looking ahead, Fresh Bus is gearing up for substantial expansion. The company aims to introduce 150 new buses and ten additional routes, with a target revenue of INR 20 crore by December 2024.
About Fresh Bus
Fresh Bus, led by Founder and CEO Sudhakar Reddy Chirra, represents a new frontier in inter-city passenger mobility. Chirra’s entrepreneurial journey began in 2008 with AbhiBus, which he nurtured into an INR 1,000 crore GMV brand with positive EBITDA. The company ultimately became part of Ixigo through acquisition.
From April 2023 to October 2023, Fresh Bus experienced substantial growth, reporting a turnover of INR 6.5 crore. Currently operating a fleet of 20 electric buses, the company has ambitious plans to introduce 150 new buses and ten additional routes, with a revenue target of INR 20 crore by December 2024.
Sudhakar Reddy Chirra underscores the company’s commitment to customer satisfaction, safety, On-Time Performance (OTP), and sustainability, all offered at affordable prices. He states, “The ultimate goal is to encourage customers to opt for sustainable modes of transportation, ensuring they enjoy the best travel experience with convenience.”
