Delhi-based intercity electric bus operator LeafyBus has raised $4.1 million in a pre-Series A funding round led by Enetra EV, which is backed by Singapore’s Impact Capital Asia Management (ICAM). The funding will enable the company to expand its electric bus fleet, strengthen charging infrastructure, and extend routes to more cities across North India.
Expansion Plans
Founded in 2023 by Rohan Dewan and Animesh Sharma, LeafyBus currently operates electric buses on the Delhi–Dehradun and Delhi–Agra routes. With the fresh capital, the company plans to add 100 new buses within the next two years and expand to cities such as Chandigarh and Jaipur.
The startup positions itself as the only long-distance EV bus operator with a 360 kW fast-charging station, ensuring quick turnaround times for intercity routes. Its current fleet is sourced from OEMs like JBM and Azad India Mobility, while future collaborations with Tata Motors and Eicher are under discussion. LeafyBus follows a hybrid ownership model, where it owns about 20–25% of its fleet and leases the rest.
Market Outlook & Competition
LeafyBus has set a revenue target of ₹75–80 crore for FY26, placing it in direct competition with players such as NueGo, Fresh Bus, Zingbus, Yolobus, FlixBus, and Redbus. The intercity EV mobility sector has been attracting investor interest — for instance, Fresh Bus (backed by ixigo) raised $10.5 million in Series A, while Zingbus secured $7 million from bp Ventures last year.
India’s electric vehicle industry is witnessing exponential growth, with the market projected to expand from $23.38 billion in 2024 to $117.78 billion by 2032, at a CAGR of 22.4%. Intercity EV buses are expected to play a pivotal role in sustainable public transportation as adoption accelerates.
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