With ixigo’s Support, Fresh Bus Closes Series A at INR 43.6 CR

Nitin Konde, Apoorva Bajj

Jul 22, 2024 — 2 min read

With Ixigo’s Support, Fresh Bus Closes Series A at INR 43.6 CR

The outstation electric bus service provider Fresh Bus, with headquarters in Bengaluru, received a Series A investment round of INR 43.6 crore, or around $5.3 million. The third fundraising round, led by Saama Capital, was backed by ixigo, a market peer.

The corporate board has approved a special resolution to raise INR 43.68 crore by issuing 2 equity shares and 63,825 Series A Compulsory Convertible Preference Shares, with an issue price of INR 6,845 each. This calculated action has provided Fresh Bus with the much-required funding for its ambitious development and growth objectives.

Investments in the Fresh Bus platform's innovation from prominent figures like Kunal Shah (Founder and CEO of CRED), Sudarshan Venu (CEO of TVS Motors), and Deepak Garg (CEO and founder of Rivigo) helped the company secure INR 7.5 crore in its second round funding last year.

How Is It Planning to Utilize Freshly Raised Funds?

Fresh Bus's performance reflects a growing need for eco-friendly, convenient transportation options in India. A battery-powered electric engine powers the Fresh Bus, reflecting the growing concern for the environment among the locals. And with this, the firm is supposedly better positioned for future expansion.

The geological change for Fresh Bus would be brought about by the Series A finance of INR 43.6 crore. With the support of ixigo and other investors, the company is well-positioned to scale up and try to change the way people see bus travel in India. Fresh Bus will benefit from ixigo's strategic investment in the form of a larger user base and access to technical knowledge. Significant expansion for Fresh Bus is on the horizon as a result of this.

How Company Is Preparing to Tackle the Ongoing Challenges?

Fresh Bus's concept of concentrating on providing customers with an exceptional traveling experience through the utilization of electric buses is unique, even if it faces intense competition in the online bus aggregation and operation market from companies like IntrCity SmartBus, ZingBus, and gogoBus. Modern travelers demand this kind of service, and Fresh Bus provides it with amenities like personal charging stations and real-time air-quality monitoring.

Here, the fact that Fresh Bus has received funding from ixigo—an early player in the Indian travel platform—is indicative of the opportunity and promise that the company offers.

About Fresh Bus

Fresh Bus, established in 2021 by Sudhakar Reddy Chirra, is a contemporary bus service that is specifically engineered to ensure the safety and convenience of its customers. To ensure the highest quality of service, its fleet of buses is equipped with technology that can be monitored in real-time around the clock.