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IntrCity Secures Rs. 37 Crore In Its Series C Round Led by Mirabilis Investment Trust

The company plans to use recently acquired funds to improve product offerings, boost user acquisition, and expand services on its hub routes.

IntrCity Secures Rs. 37 Crore In Its Series C Round Led by Mirabilis Investment Trust
IntrCity Smart Bus

Outlook Start-Up Desk

POSTED ON March 01, 2024 12:13 PM

IntrCity, an inter-city mobility platform, offering both train and bus services, has raised Series C round with Rs. 37 Crores.

This recent investment has been led by Mirabilis Investment Trust, with participation from existing investors – Nandan Nilekani’s family trust (NRJN), Omidyar Network India and US based Ujamaa Ventures

After achieving EBITDA profitability, the company plans to use recently acquired funds to improve product offerings, boost user acquisition, and expand services on its hub routes, it announced.

"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. We are now the top inter-city mobility brand in the country. Our full-stack technology platform monitors and ensures that we consistently deliver a high quality travel experience. Our presence in both bus and train travel markets gives us the ability to directly reach every long-distance traveler in India. This fresh infusion of funds reaffirms our commitment to transforming the travel experience with a unique mix of technology and hospitality." said Manish Rathi, CEO and co-founder.

"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. We have been impressed by the IntrCity team’s vision to provide a much-needed best-in-class experience in the inter-city bus segment. IntrCity’s data driven, scalable and asset light business model positions it very well for growth over the long term. We are delighted to come onboard as investors in IntrCity and participate in its growth journey." said Srinivas Seshadri, head of investments at Mirabilis Investment Trust.

2024 marked a profitable year for IntrCity. In partnership with nearly 30+ bus operators across the country – IntrCity SmartBus now covers travel to more than 650+ Tier 2/Tier 3 routes across the country from its 6 hubs spread across the country. Its technology and experience built to adapt Indian conditions (Cloud connected CCTVs, smart-pricing, in-bus washrooms, boarding lounges, bus captain, etc.) has propelled SmartBuses to the top bus brand across the country. Its RailYatri platform also serves more than 15 million users per month.

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