The funding will be used to boost operational efficiency and for technology development
Fresh Bus, India’s first full-stack sustainability-centric shared mobility company, has secured a second seed funding of INR 7.5 Crores from multiple marquee investors that include Kunal Shah, Founder and CEO of CRED; Sudarshan Venu, Managing Director of TVS Motors; and Deepak Garg, Founder and CEO of Rivigo. This financial boost will allow the company to utilise the funds for further Technology development and workforce expansion and achieve better operational efficiency for its existing fleet of 20 electric buses. November 2022, the company raised INR 16 Crores in seed funding from Ixigo, an online travel solutions platform.
Fresh Bus aims to transform the shared mobility ecosystem with future-ready and sustainable inter-city travel as an alternative to conventional mobility. The company haswitnessed substantial growth during this period, reporting a turnover of INR 6.5 Crore from April 2023 to October 2023.
The company is the brainchild of Mr. Sudhakar Reddy Chirra, whose entrepreneurial journey began with AbhiBus in 2008. He nurtured the company into an INR 1000 Crore GMV brand with positive EBITDA. AbhiBus was eventually acquired by Ixigo.
Speaking on the seed fund, Sudhakar Reddy, Founder & CEO, Fresh Bus, said, “We remain focused on customer experience, safety, OTP (On Time Performance) & sustainability at affordable pricing. The ultimate goal is to ensure that customers readily choose sustainable modes of transportation by ensuring that our services feature the best travel experience and convenience.”
The secured capital from the current seed fund will be allocated towards tech development and augmenting manpower as well as setting the stage for the company to enhance its services and accelerate its growth. The company is gearing up to expand its operations by introducing 150 new buses, and 10 new routes targeting a revenue of INR 20 Cr by December 2024.
