Fresh Bus is an all-electric intercity bus startup that raised 10.5 million USD in its series A funding round led by the Venture Capital fund Maniv. The funding round saw the participation from several new and existing investors including Riverwalk Holdings, Alteria Capital, and Shell Ventures. The company plans to use this fresh capital to scale its operations, enhance technological capabilities, launch 150 new electric buses while adding 15 new routes, and strengthen the team.
The company offers a platform with reliable, efficient, and consistent transportation services. The firm leverages advanced technologies to provide real-time bus tracking options. The company aims to make transportation services across India more efficient, reliable, and easier for everyone to access. The Bengaluru-based startup claims to have served around 4 lakh customers to date. The company plans to deploy 1000 electric buses in pan India in four years. The startup has secured over 9.27 million USD across three rounds since its inception. Earlier this year, Fresh Bus secured $2 million from Ixigo, and last month it raised $5.23 million during its Series A funding round from its investors.
The startup offers real-time bus tracking, ticketing, and other services. This firm plans to use the fund to expand its services across India and increase its market presence. Fresh Bus provides an online platform for bus reservations. The firm offers personalized services to make the travel experience safe and smooth. The company mentions that they use environment-friendly and carbon-neutral vehicles. The startup earns income through its subscription-based services and bus ticketing services.
The startup data intelligence platform, the kredible reported the startup had a loss of Rs 2.1 crore in FY23. The company is predicted to have a post-money valuation of 20.6 million USD as of July 2024. The data intelligence platform, traxcn reported that the annual revenue of Fresh Bus is around Rs 14.5 lakh. Fresh Bus faces competition from other travel agencies in the same sector such as Gogobus, Intrcity SmartBus, ZingBus, and NueGo. Fresh Bus has four institutional investors and two angel investors. The institutional investors include Ixigo, Maniv Mobility, and Saama Capital. Maniv Mobility is the largest institutional investor in the startup.
Conclusion:
Fresh Bus is a transportation company that raised 10.5 million USD in its funding round led by VC firm Maniv Mobility with the participation of Alteria Capital, Riverwalk Holdings, and Shell Ventures. The company plans to use this fresh capital to scale its operations, expand in the transportation market, and enhance its platform. The firm aims to deploy 150 new electric buses with 15 new routes and scale its electric buses to 1000 by the next four years. The startup will use these fresh proceeds to strengthen its team and create its market presence. The company’s subscription-based services and ticketing services are the major sources of income. It competes with other companies in the same sector like ZingBus, GogoBus, Nuego, and more.
