Fresh Bus Raises Funding of 7.5 Crores in its Second Round
All electric bus operator Fresh Bus raises funding of 7.5 crores from Cred’s Kunal Shah and others. Know what it intends to do with the funding.
Fresh Bus, an emerging player in the electric inter-city bus service sector, has successfully secured Rs 7.5 crores in its latest funding round.
Noteworthy investors like Kunal Shah, Sudarshan Venu, and Deepak Garg have contributed to this funding, marking the second round of financial backing for the startup.
In a previous seed funding round conducted in November 2022, Fresh Bus raised funding of Rs 16 crores with support from Ixigo, a prominent online travel solutions platform.
With this recent infusion of capital, the startup’s total funding has now reached Rs 23.5 crores.
Fresh Bus Funding: Who are the Latest Investors?
The second round of Fresh Bus funding was led by the following 3 distinguished investors:
- Kunal Shah, the Founder and CEO of CRED
- Sudarshan Venu, the Managing Director of TVS Motor Company
- Deepak Garg, the Founder, and CEO of Rivigo
What Fresh Bus Aims to Achieve with the Funding
Fresh Bus has ambitious plans for utilizing this new capital injection. According to Sudhakar Reddy Chirra, the Founder and CEO of Fresh Bus, a significant portion of the funds will be allocated towards technological development. Additionally, some of the funding will be directed towards expanding the company’s workforce.
Chirra emphasizes that Fresh Bus operates as more than just a bus service – it integrates technology and sustainability into its business model. The startup leverages advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) to forecast fares for various routes.
Looking ahead, Fresh Bus is preparing for a substantial expansion. The company intends to introduce 150 new buses and 10 new routes, with a target revenue of Rs 20 crores by December 2024.
About Fresh Bus
Fresh Bus, led by its visionary 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 Rs 1,000 crores GMV brand with positive EBITDA. The company ultimately became part of Ixigo through acquisition.
During the period from April 2023 to October 2023, Fresh Bus experienced significant growth, reporting a turnover of Rs 6.5 crores.
The company is currently operating a fleet of 20 electric buses and intends to introduce 150 new buses and 10 new routes, with a target revenue of Rs 20 crores by December 2024.
Sudhakar Reddy Chirra underscores the company’s dedication to customer satisfaction, safety, On-Time Performance (OTP), and sustainability—all offered at affordable prices.
“The ultimate goal is to encourage customers to opt for sustainable modes of transportation, ensuring they enjoy the best travel experience with convenience,” he says.
