Fresh Bus Raises USD 10.5 Million in Funding Led by Maniv

Mumbai, Aug 13 (PTI) All-electric intercity bus startup Fresh Bus on Tuesday said it has raised USD 10.5 million (about Rs 87.5 crore) in a Series A funding round led by early-stage transportation-focused VC fund Maniv.

The funding round also saw participation from Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings, Fresh Bus said.

The latest capital will be deployed for scaling up operations, enhancing technological capabilities, and strengthening the strategic team at the platform to drive growth, besides financing its growing fleet, it added.

The company said it has so far raised around Rs 110 crore in three funding rounds, including two seed funding rounds last year.

The platform has a fleet of 20 electric buses, offering its services on Bengaluru-Tirupati and Hyderabad-Vijayawada routes and with this new fund infusion it will expand the route network by adding 15 new routes and launching 150 e-buses soon, the company said.

"Our goal is to establish a nationwide network and become the Indian market leader for intercity bussing in the upcoming years. We expect to scale to 1,000 electric buses pan-India over the next four years, generate skilled employment opportunities and offer a green alternative for mass road transportation," said Fresh Bus founder and CEO Sudhakar Chirra.