Mobility Startup IntrCity Raises INR 37 Cr in Series C Led by Mirabilis Investment Trust The Noida-based startup will utilise the recently acquired funds to enhance product offerings, foster accelerated user acquisition for growth and go deeper on its hubs routes by providing more offerings to its growing traveller base.
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IntrCity, an inter-city mobility platform, offering both train and bus services, has raised INR 37 crore in Series C funding led by Mirabilis Investment Trust.
Existing investors Nandan Nilekani's family trust (NRJN), Omidyar Network India and US based Ujamaa Ventures also participated in the round.
The startup raised INR 100 crore in February 2020.
Post turning EBITDA profitable, IntrCity plans to utilise the recently acquired funds to enhance product offerings, foster accelerated user acquisition for growth and go deeper on its hubs routes by providing more offerings to its growing traveller base.
Manish Rathi, Co-founder and CEO, IntrCity, said, "In FY23, we experienced solid growth, with both our revenue and business turning profitable. As we step into FY24, we aim to keep this momentum going, backed by the incredible support of our investors. Our full-stack technology platform monitors and ensures that we consistently deliver a high quality travel experience. Our presence in both the bus and train travel market gives us the ability to directly reach every long-distance traveller in India. This fresh infusion of funds reaffirms our commitment to transforming the travel experience with a unique mix of technology and hospitality."
Founded in 2002, IntrCity is a low-cost intercity mobility platform that provides bus and train services. Its flagship brand IntrCity SmartBus claims to provide safe, trusted and standardised travel options around India's long-distance routes, operating across over 630 routes in 16 states. Every month more than 15 million people use its companion brand, RailYatri, which offers information about train travel.
Through its six hubs located around the nation, IntrCity SmartBus, in collaboration with approximately 30 bus operators nationwide, now offers service to over 650 tier 2/tier 3 routes.
Srinivas Seshadri, Head-Investments at Mirabilis Investment Trust, said, "With the ongoing development of transportation infrastructure in the country acting as a key pillar for economic growth, we believe the travel industry is set on an upward trajectory. IntrCity's data driven, scalable and asset light business model positions it very well for growth over the long term."
