Hyd Startup Fresh Bus raises Rs. 87 crore
Introduction
Hyderabad-based all-electric intercity bus start-up Fresh Bus has raised Rs 87.5 crore ($10.5 million) as a part of its Series A funding round. This milestone will massively accelerate the company’s dream of making sustainable and environment-friendly travel solutions across inter-city travel in India.
The investment, classified as part of a Series A round, was spearheaded by Maniv Mobility, an early-stage VC with a pointed focus on transportation technology. Other participation came from Shell Ventures, Alteria Capital and existing backer Riverwalk Holdings. This heterogenous mix of investors showcases immense faith vested in the vision and business model of Fresh Bus.
Fresh Bus aims to use the freshly infused capital to scale operations manifold. The company will increase the fleet size from 300 to 450 with the addition of new electric buses while adding 15 new routes across the length and breadth of the country. This will not only grow the market but also provide more sustainable travel options to passengers countrywide.
Scaling to 1,000 Electric Buses
Some big plans, indeed, the founder and CEO of Fresh Bus, Sudhakar Reddy Chirra, has for his company. He aims at increasing the fleet to 1,000 electric buses across India in four years. Thousands of skilled jobs are thus going to be created, and this green alternative is going to be in place for mass road transportation in India.
Chirra is not new to the bus business, as before he cofounded a highly successful bus aggregator, AbhiBus, in 2011, which was acquired by ixigo in 2021. Gained industry expertise and experience, Chirra is well placed and positioned to drive Fresh Bus to its growth journey and lead the company to achieve its long-term vision.
Fresh Bus’s Market Presence Now
Currently, Fresh Bus has a fleet of 20 e-buses in operation on popular routes like Bengaluru to Tirupati and Hyderabad to Vijayawada. Passengers’ reviews on these routes are overwhelming. They feel comforted by the affordability of these buses and their green nature.
Fresh Bus offers its customers a digital-first experience, providing in-app ticketing, live bus tracking, and loyalty program benefits for frequent travelers.
The growing demand for electric buses in India
Augmented demands for electric buses have also resulted from increased thinking about the environment recently in India. Concerns for the environment and the global warming that comes with increased levels of air pollution have risen in large numbers, thereby needing sustainable transportation solutions. Fresh Bus comes right at the forefront of this movement with an eco-friendly solution to the classic, polluting diesel buses.
Electric buses can save the amount of carbon and the number of operating costs in the long run. Hence, it can turn out to be very attractive to operators and passengers.
Challenges and Opportunities Ahead
As big as the electric bus market’s potential could be, it is not without its problems. First, the EV charging infrastructure itself is in an embryonic stage. Second, electric buses are much, much more expensive than ordinary, diesel-run buses. Again, both challenges are slowly being overcome as governments chip in and technology improves.
The recent fundraising sets the stage for Fresh Bus to take advantage of the increasing demand for electric buses.
The Future Lies Before Fresh Bus
Fresh Bus is well poised to leverage and expand the national footprint of Scania’s position in the intercity bus market in the Indian subcontinent with the infusion of fresh Rs. 87.5 crore.
Fresh Bus’s goal to uplift its fleet of electric buses to 1,000 in the next four years. It’s ambitious, but it could conceivably happen.
Conclusion:
Fresh Bus recently raised Rs. 87.5 crore, a move that is a good representation of an increase in demand for sustainable transportation in India. The development is expected to see the company play a huge role in the intercity bus industry. With aggressive passion, Fresh Bus is on its way to be at the core of electric bus travel in India.
Fresh Bus is establishing the company that will effectively impact the transportation scenario in India for the long term. The road ahead is promising, and the recent funding of the company is just the beginning of a green journey.
References
- Fresh Bus: official website
- Maniv Mobility: official website
- Sudhakar Reddy Chirra on Linkedin: linkedin.com/in/sudhakar-reddy-chirra
- Electric Bus Market in India: Research Report
You can also read the blog related to Electric vehicle that we have uploaded here:
Thanks for reading !!
Regards
