Backed by Ixigo, EV bus start-up FreshBus has raised Rs.43.7 crore (roughly $5.3 million) in its Series A funding round. This is the primary round of funding for the Bengaluru-based organization this year.

The board at Fresh Bus has passed a special goal to issue 2 equity shares and 63,825 CCPS at an issue cost of Rs.6,845 each to raise Rs.43.7 crore or $5.3 million, its administrative filing gotten from the RoC – Registrar of Companies shows.

Maniv Mobility directed the round with Rs.35.68 crore while the excess total has been contributed by Riverwalk Holdings during the Series A funding round.

The organization was in discussions to lift Rs.100 crore in its Series A funding round. This seems, by all accounts, to be a continuous raising capital and the organization is probably going to wipe up additional funds in this round.

As per the start-up data intelligence platform, TheKredible, Fresh Bus has been estimated at around $20 million (post-allotment) in this round. The valuation might shift with the further capital infusion.

FreshBus has raised around $9 million to date including Rs.7.5 crore from Kunal Shah, TVS Motors MD Sudarshan Venu, and Rivigo CEO Deepak Garg in October last year.

FreshBus was established by Sudhakar Reddy Chirra, who prior built bus aggregator Abhibus which was purchased by ixigo in August 2021 in a cash and stock arrangement.

As per the startup data intelligence platform, TheKrediblle, the company was still in pre-income stage with a loss of Rs.2.1 crore during the financial year ending March 2023. The organization is yet to file its annual financial outcomes for FY24.