Train ticketing platform RailYatri raised Rs 28.85 Cr Series C funding from Mirabilis Investment Trust
In a round of debt and equity financing headed by Mirabilis Investment Trust, the train ticketing platform RailYatri has raised Rs 28.58 crore, or $3.44 million. Blacksoil, Omidyar Network, and NRJN Family Trust also participated in the round.
In order to raise a total of Rs 24.58 crore, or $3 million, the board of RailYatri has approved special resolutions to issue 21,107 Series C CCPS for 5,685 per share and 26,663 Series C CCPS at an issue price of Rs 4,720 each. Per the company’s regulatory filings with the Registrar of Companies, in an additional resolution, the company issued eighty non-convertible debentures (NCDs) at a price of Rs 5,00,000 each in order to raise Rs 4 crore.
Providing an infusion of Rs 12 crore, Mirabilis Investment Trust led the round. Omidyar Network contributed Rs 5.69 crore, and Nandan Nilekani’s NRJN Family Trust contributed Rs 6.9 crore. Bringing in Rs 4 crore in debt funding, Blacksoil entered the market.
Based on estimates from the media, RailYatri has already secured Rs 13.5 crore from current investors in the Series C round, which will be funded in several tranches throughout 2022. At the same time, Alteria Capital provided the company with a debt raise of Rs 10 crore.
In addition to providing information on train tickets, online travel aggregator RailYatri also operates the IntrCity SmartBus intercity bus service, which travels on routes including Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore. Additionally, RailYatri introduced a “flexi-ticket” feature that lets customers alter their plans at the last minute when reservations for trains are unavailable.
Following the round’s allocation, the NRJN Family Trust holds the largest stake (22.82%) in the business. Manish Rathi, a co-founder, owns 13.12% of the company, while Omidyar Network comes in second with about 15% of the total.
In FY23, RailYatri’s operating revenue increased by 2.3 times, from Rs 117.2 crore to Rs 273.7 crore. The company’s losses decreased by 58.6% to Rs 18.18 crore in FY23 from Rs 43.87 crore in FY22, in addition to increasing its scale.
