Travel tech company Fresh Bus recorded a revenue of Rs 14.5 lakhs in FY23 with expenses crossing Rs 2 crore.
Founded in 2019, the Bengaluru-based EV bus startup offers a premium travel experience in electric buses and additionally offers real time updates, bus tracking, and booking services through its app.
The smart bus platform runs on a full stack model including services like noise free air conditioned cabins, comfortable seating, IOT-enabled real time air quality and temperature screening, personal charging docks, WiFi etc.
The Sudhakar Reddy led company saw losses standing at Rs 2.1 crore while its EBITDA margin stood at a negative 1,288.97% and ROCE was -11.03% in the fiscal year ending March 2023.
It saw expenses coming in at Rs 2.3 crore with over Rs 1.3 crore being spent on employee benefits and a depreciation of more than Rs 21 lakhs. The company’s legal and professional charges surpassed Rs 12 Lakhs.
The three-year-old company raised its maiden funding with Ixigo as the lead investor early last year. Since then, it has raised another in October 2023 and witnessed Kunal Shah and Riverwalk Holdings as the lead investors. Through these two funding rounds, it has raised a total of Rs 33.14 crore.
Post the infusion, BON Ventures holds around 44% of the company shares while Ixigo holds close to 37%.
Sudhakar Reddy’s pervious venture, bus aggregator Abhibus, was acquired by Ixigo in August 2021 in a cash and stock business transfer agreement.
Fresh Bus is up against the likes of Greencell Express and Zingbus.