Delhi-based intercity electric bus startup LeafyBus raises $4.1 million in funding

LeafyBus, a Delhi-based intercity electric bus startup, has raised $4.1 million in a pre-Series A funding round from Enetra EV, a financing platform backed by Singapore’s Impact Capital Asset Management (ICAM).

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The startup plans to use the funds to expand its fleet and extend its services to new routes.

Founded in 2023 by Rohan Dewan and Animesh Sharma, LeafyBus operates electric buses on the Delhi–Dehradun and Delhi–Agra routes. The startup intends to add 100 buses to its fleet over the next two years and expand into Chandigarh, Jaipur, and other cities within a 300-kilometer radius of the capital. It positions itself as the only long-distance bus operator powered by a 360 kW fast-charging station.

The startup follows a hybrid ownership model, keeping about 20 to 25% of its fleet on its own books while leasing the rest. Its current vehicles come from manufacturers such as JBM and Azad India Mobility, and LeafyBus is in discussions with Tata and Eicher for additional supply. It expects to generate Rs 75 crore to Rs 80 crore in revenue by fiscal year 2026.

LeafyBus enters a competitive market of intercity bus operators that includes NueGo, Fresh Bus, Zingbus, Yolobus, and FlixBus. The startup said that its focus on electric mobility sets it apart, offering quieter, cleaner and more cost-efficient travel options. Last year, Bengaluru-based Fresh Bus raised Rs 87.5 crore in a Series A round led by Maniv Mobility to launch 150 electric buses, while Zingbus secured $9 million from bp Ventures.

The electric bus market is expected to play a crucial role in India’s push toward net-zero emissions by 2070. According to Fortune Business Insights, the broader EV market is projected to grow from $23.38 billion in 2024 to $117.78 billion by 2032, at a compound annual growth rate of 22.4%.