Fresh Bus, an intercity bus company based in Bengaluru, has successfully completed a Series A fundraising round, raising Rs 87.5 crore ($10.5 million). Riverwalk Holdings, Alteria Capital, Shell Ventures, and Maniv, a worldwide early-stage venture capital fund with a focus on transportation, led this round.
With a fleet of twenty electric buses, Fresh Bus presently offers reasonably priced and environmentally friendly travel choices on the Hyderabad-Vijayawada and Bengaluru-Tirupati routes. The business provides a digitally-first consumer experience that includes real-time bus tracking, online ticketing, and an extensive loyalty program.
With the recently raised money, Fresh Bus intends to introduce 150 more electric buses and establish 15 new routes to its network. In order to spur additional growth, the business plans to use the funding to expand operations, improve technological capabilities, and fortify its strategic team.
Leaders in the business like Deepak Garg, CEO & Founder of Rivigo, Sudarshan Venu, Managing Director of TVS Motors, and Kunal Shah, Founder & CEO of CRED, endorse the startup. Earlier, one of India’s top online travel aggregators invested Rs 16 crore in Fresh Bus.
With more than four lakh passengers serviced and an industry-best 95% On-Time Performance (OTP), Fresh Bus wants to build a national network and dominate the intercity bus travel market in India. Over the next four years, the company wants to expand to 1,000 electric buses across the nation, providing a greener option for mass road transportation and skilled job opportunities.
According to a partner at the startup fund that focuses on transportation, Fresh Bus is demonstrating that widespread decarbonization of transportation is not just a goal but also an achievable business opportunity.
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