HYDERABAD, 31st OCTOBER, 2023 (GPN): Fresh Bus 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. It will also help the company 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. It serves as an alternative to conventional mobility. The company has witnessed substantial growth during this period. It reported 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. Ixigo eventually acquired AbhiBus.
Speaking on the seed fund, Mr. Sudhakar Reddy, Founder & CEO, Fresh Bus “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. We will achieve this by ensuring that our services offer the best travel experience and convenience.”
The secured capital from the current seed fund will be allocated towards tech development and augmenting manpower. It will also set the stage for the company to enhance its services and accelerate its growth. Moreover, 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.
Fresh Bus is ready to transform India’s shared mobility landscape by redefining the inter-state commuting experience with a focus on customer-centricity and sustainability.