Inter-city mobility platform IntrCity has raised an additional Rs 37 crore ($4.5 million) in its Series C funding round. The new tranche was led by Mirabilis Investment Trust, the family office of Infosys co-founder K Dinesh.
Existing investors including Infosys co-founder Nandan Nilekani’s family trust NRJN, Omidyar Network India and the US-based Ujamaa Ventures also joined the round.
IntrCity will use the funds to improve product offerings, accelerate user acquisition for growth and go deeper on its hubs routes by providing more offerings to its growing traveller base, the company said Thursday.
Before this round, the company had raised around $50 million in equity across multiple stages. Its other investors include Samsung Venture Investment and Blume Ventures.
"In FY23, we experienced solid growth, with business turning profitable... we aim to keep this momentum going, backed by the support of our investors,” said Manish Rathi, chief executive officer and co-founder.
IntrCity offers train and bus services to budget travellers. Its flagship brand IntrCity SmartBus provides bus travel options around long-distance routes and covers more than 650 Tier 2/Tier 3 routes across the country from its six hubs spread across the country in partnerships with over 30 bus operators. It claims that its other brand, RailYatri, provides comprehensive train travel information, and serves more than 15 million per month.
The company’s revenue rose to Rs 274 crore for the financial year through March 2023 from Rs 117 crore the year before. Its net loss narrowed to Rs 18.2 crore from Rs 44 crore.
“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,” said Srinivas Seshadri, head of investments at Mirabilis. “IntrCity’s data-driven, scalable and asset-light business model positions it very well for growth over the long term,” Seshadri added.
