With support from Singapore’s Impact Capital Asia Management (ICAM), Enetra EV has provided $4.1 million in pre-Series A funding to Delhi-based intercity EV bus startup LeafyBus.
The new money will go toward expanding services and increasing the fleet of electric buses.
Animesh Sharma and Rohan Dewan founded LeafyBus in 2023, and it presently operates electric buses on the Delhi–Dehradun and Delhi–Agra routes. The startup now intends to expand services to cities like Chandigarh and Jaipur and add 100 more buses over the course of the next two years.
LeafyBus asserts that it is the only operator of long-distance buses with a 360 kW fast-charging station. Its fleet is supplied by OEMs such as JBM and Azad India Mobility, and it intends to expand in the future by collaborating with Tata and Eicher. The company uses a hybrid business model, leasing the remaining buses and owning roughly 20–25% of them.
In FY26, the startup hopes to generate between Rs 75 and Rs 80 crore in revenue. Its rivals among intercity operators are Redbus, FlixBus, Yolobus, Zing Bus, Fresh Bus, and NueGo.
Zingbus obtained $7 million from bp Ventures last year, while Fresh Bus, which is backed by ixigo, raised $10.5 million in Series A funding. At a compound annual growth rate (CAGR) of 22.4%, the Indian EV market is expected to reach $117.78 billion by 2032 from $23.38 billion in 2024.
