The mobility platform IntrCity, which operates SmartBus and RailYatri, has secured an additional Rs 37 crore (approximately $4.5 million) in its Series C funding round. Mirabilis Investment Trust led this investment round, with participation from existing investors such as Nandan Nilekani’s family trust, Omidyar Network India, and US-based Ujamaa Ventures.
IntrCity plans to utilize the funds to improve its product offerings, expand user acquisition efforts, and deepen its routes in key hubs by providing more services to its growing traveler base, according to a press release from the company.
According to startup data intelligence platform TheKredible, IntrCity has been valued at around Rs 912 crore or $110 million following the latest tranche of funding. With this latest investment, IntrCity has raised over $50 million to date.
IntrCity caters to budget travelers with a range of train and bus services. Its primary brand, IntrCity SmartBus, offers travel options along India’s long-distance routes, while its companion brand, RailYatri, provides extensive train travel information, serving over 15 million users monthly.
IntrCity SmartBus operates on more than 630 routes spanning 16 states, including popular routes like Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore.
RailYatri has introduced a ‘flexi-ticket’ feature, enabling users to make last-minute adjustments to their travel plans when train reservations are unavailable.
Founded by Kapil Raizada, Manish Rathi, and Sachin Saxena, the company generates over 90% of its revenue from bus operations, with the remaining portion derived from commissions and advertising.
According to sources, Raizada stated in an interview that approximately one-third of IntrCity’s transactions occur through its website and app, while the remainder originates from aggregators and offline channels.
During the fiscal year 2022-2023, RailYatri experienced a significant surge in operational revenue, reaching Rs 273.7 crore from Rs 117.2 crore in the previous fiscal year. The company also managed to reduce its losses by 58.6%, decreasing from Rs 43.87 crore to Rs 18.18 crore. The firm claims to have achieved EBITDA profitability in the current fiscal year.
