LeafyBus Raises $4.1M to Expand Delhi-Based Intercity Electric Bus Fleet

Delhi-based intercity electric bus operator LeafyBus has secured USD 4.1 million in Pre-Series A funding from Enetra EV, a financing company supported by Singapore-based Impact Capital Asia Management (ICAM). The fresh capital injection will be used to expand LeafyBus’s electric vehicle (EV) fleet and strengthen its operational capacity.

LeafyBus: Intercity Electric Bus Services 

LeafyBus was founded in 2023 by Rohan Dewan and Animesh Sharma, and currently runs intercity electric bus services connecting Delhi within a 300-kilometre radius with destinations like Dehradun and Agra. 

LeafyBus operates on a hybrid model, owning about 20-25 percent of the fleet while leasing the remainder. The startup plans to scale rapidly, aiming to add 100 electric buses to its fleet over the next two years and extend routes to cities including Chandigarh and Jaipur. 

Long Distance Electrified

LeafyBus claims to be the only operator running long-distance electric buses powered by 360 kW fast-charging stations. Its fleet is currently sourced from manufacturers such as JBM and Azad India Mobility, with plans to collaborate with Tata and Eicher to increase capacity and expand route coverage. 

Financially, the company targets a turnover of INR 75-80 crore in the fiscal year 2025-26. LeafyBus’s main competitors in the intercity EV bus space include NueGo, Redbus, Fresh Bus, Yolobus, Zing Bus, and FlixBus.

Soaring Electric Bus Market

India’s electric bus market is flourishing, with the country recording an overall sales surge of 81 percent year-on-year in fiscal year 2024, and the market is projected to more than double from USD 1.17 billion in 2025 to USD 2.48 billion by 2029. 

The government’s Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, especially FAME II, has given a head start to the sector with substantial subsidies for electric buses and charging infrastructure, further enabling the market’s growth.

Several Indian states have also introduced EV policies and incentives to promote the adoption of electric mobility among fleet operators.