FreshBus Seeks ₹100cr Investment to Expand
The founder of the bus booking platform AbhiBus, Sudhakar Reddy Chirra, founded FreshBus, a sustainable shared mobility startup, hopes to raise 100 crore in a Series-A round from private equity and venture capital investors next year. To date, the startup has raised 23.5 crore from November 2022 to date, and Chirra said on Thursday that the round is expected to close by March 2024.
Established in 2022, FreshBus offers inter-city electric-bus connectivity. To date, investors including TVS Motor MD Sudarshan Venu, Darwinbox founders Rohit Chennamaneni, Jayant Paleti, and Chaitanya Peddi, travel portal ixigo, Cred founder Kunal Shah, and Rivigo’s Deepak Garg have contributed funds to the venture.
“By March 2027, we are aiming for 1,000 buses and 40 charging stations across multiple states to cater to 100 cities across nation,”
Chirra said.
The sustainable shared mobility startup FreshBus, which was founded in 2022 and has already raised Rs 23.5 crore, plans to raise an additional Rs 100 crore in a Series-A round next year. The startup offers inter-city electric-bus connectivity, and the funds will be used to expand its fleet from 20 to 170 e-buses, covering 30 major cities in South, West, and North India by March 2025. By March 2027, FreshBus hopes to have 1,000 buses and 40 charging stations across the nation.
Co-founded by former MD of Puma India Abhishek Ganguly, Agilitas Sports has raised Rs 100 crore from Nexus Venture Partners and is developing manufacturing capabilities, product design labs, and R&D centers. Agilitas Sports recently raised Rs 430 crore from Convergent Finance and other investors. In order to expand its manufacturing footprint, Agilitas Sports acquired Mochiko Shoes, a contract manufacturer of major international brands that brought in Rs 800 crore in revenue in the previous fiscal year.
The board of SpiceJet approved the issuance of equity shares/equity warrants. SpiceJet, which is facing a financial crisis, intends to raise an additional Rs 2,250 crore through private placement in order to strengthen its product presence, expand its market reach, and build a strong financial foundation. SpiceJet posted a net loss of Rs 428 crore for the quarter that ended in September, which is an improvement over the previous year’s loss of Rs 835 crore.