Owner of RailYatri and SmartBus, IntrCity is a mobility platform that has raised an additional Rs 37 crore (roughly $4.5 million) in its Series C round. The US-based Ujamaa Ventures, Omidyar Network India, and the family trust of Nandan Nilekani have all participated in this investment round, which has been spearheaded by Mirabilis Investment Trust.
IntrCity stated in a press release that it will use the money to improve its product offerings, user acquisition, and expand on its hub routes by offering more services to its expanding traveller base.
After receiving the most recent tranche of this round, the company is reportedly valued at approximately Rs 912 crore, or $110 million, according to the media. IntrCity has so far raised more than $50 million.
Budget travelers can take advantage of IntrCity’s train and bus services. Its companion brand RailYatri offers detailed train travel information, serving over 15 million passengers each month, while its flagship brand IntrCity SmartBus offers travel options around India’s long-distance routes.
Over 630 routes, including Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore, are served by IntrCity SmartBus, which operates in 16 states.
A feature called “flexi-ticket” has also been introduced by RailYatri, enabling users to alter their plans at the last minute when reservations for trains are unavailable.
Over 90% of the company’s revenue comes from roadway operations, with the remaining portion coming from commissions and advertising publicity. Kapil Raizada, Manish Rathi, and Sachin Saxena co-founded the business.
A third of IntrCity’s transactions, according to Raizada, originate from the company’s website and application; the remaining portion is sourced from aggregators and offline channels (also known as organized agents), according to a media interview.
From Rs 117.2 crore in FY22 to Rs 273.7 crore in FY23, RailYatri’s operating revenue increased 2.3 times. In FY23, the company’s losses decreased by 58.6% to Rs 18.18 crore from Rs 43.87 crore in FY22, demonstrating its ability to control losses. According to the company, the current fiscal year has seen EBITDA profitability.
