FreshBus, an electric vehicle bus startup supported by Ixigo, has raised Rs 43.7 crore, or roughly $5.3 million, in its Series A round. This is the company’s first round of funding for the year, based in Bengaluru.
As per the regulatory filing that can be accessed from the Registrar of Companies (RoC), the board of Fresh Bus has decided to raise Rs 43.7 crore, or $5.3 million, by issuing 2 equity shares and 63,825 CCPS at an issue price of Rs 6,845 each.
Riverwalk Holdings invested the remaining amount during the Series A round, with Maniv Mobility leading the way with Rs 35.68 crore.
The business was in talks to raise Rs 100 crore in a Series A funding round. It looks like the company is still raising money, and this round will probably see more money taken in.
The media reports that Fresh Bus is estimated to be worth $20 million (post-allotment) in this round. The additional capital infusion may cause the valuation to change.
Including Rs 7.5 crore from Kunal Shah, TVS Motors MD Sudarshan Venu, and Rivigo CEO and founder Deepak Garg in October of last year, FreshBus has raised about $9 million to date.
Sudhakar Reddy Chirra, who previously created the bus aggregator Abhibus, which ixigo purchased in August 2021 for cash and stock, founded FreshBus.
The company reportedly had a loss of Rs 2.1 crore for the fiscal year that ended in March 2023, meaning that it was still in the pre-revenue stage. The business has not yet submitted its FY24 annual financial results.
