FreshBus, an electric vehicle (EV) bus startup supported by travel tech giant Ixigo, has successfully raised Rs 43.7 crore (approximately $5.3 million) in its Series A funding round. This marks the company’s first significant fundraising effort this year, positioning it for accelerated growth in the burgeoning EV sector.
The funding revealed through regulatory filings accessed from the Registrar of Companies (RoC), involves the issuance of 2 equity shares and 63,825 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 6,845 each. Leading the investment was Maniv Mobility, contributing Rs 35.68 crore, with additional financing provided by Riverwalk Holdings.
FreshBus, based in Bengaluru, had initially aimed to secure Rs 100 crore in its Series A round, suggesting ongoing efforts to attract further investment in the near future.
Founded by Sudhakar Reddy Chirra, who previously founded bus aggregator Abhibus (acquired by Ixigo in August 2021), FreshBus has now raised approximately $9 million cumulatively. Notable previous investors include Kunal Shah, Managing Director of TVS Motors Sudarshan Venu, and Deepak Garg, CEO and founder of Rivigo, demonstrating strong support from industry leaders in the transportation and technology sectors.
This funding round underscores FreshBus’s commitment to revolutionizing urban mobility with sustainable and innovative EV solutions, bolstered by strategic partnerships and investor confidence in the company’s vision and leadership.
