IntrCity, a mobility platform, has made headlines by raising INR 37 crore ($4.4 Mn) in its Series C funding round led by Mirabilis Investment Trust, part of the family office of Infosys co-founder K Dinesh. Existing investors like Omidyar Network India, Nandan Nilekani’s family trust, and Ujamaa Ventures also participated in the funding round.

As per the startup, the freshly raised funds will be used to enhance product offerings and user acquisition. The raised capital will enable the startup to go deeper on its hubs routes by providing more offerings to its growing traveler base.

With this latest funding round, Nilekani’s family trust now has the largest holding in IntrCity at over 20%, with Omidyar Network India holding around 15% – 17%. Blume Ventures and Samsung Venture Investment are a few other notable investors on the firm’s captable.

IntrCity | Simplifying Intercity Travel with Technology

Co-founded by Sachin Saxena, Kapil Raizada, and Manish Rathi, IntrCity is a mobility platform offering both train and bus services to budget travelers via its brands SmartBus and RailYatri. The mobility platform, with its flagship brand IntrCity SmartBus, provides travel options around India’s long-distance routes, while RailYatri provides comprehensive train travel information, serving more than 15 million per month.

IntrCity works with over 30 local bus operators to provide intercity bus travel services across more than 630 routes, such as Delhi–Lucknow, Delhi–Kanpur, Bengaluru–Hyderabad, Mumbai–Pune, and Chennai–Coimbatore in 16 states.

The platform, while enforcing standard operating procedures across its partner operators, adds tech capabilities like monitoring hardware and software to the vehicles. As per the firm, it makes more than 90% of its revenue via roadway operations, while the remaining part comes from commissioning and advertising publicity.

In February 2020, the firm raised Rs 100 crore in a funding round at about Rs 700 crore post-money valuation, while the latest funding round happened at a higher valuation, stated co-founder Kapil Raizada without giving exact numbers. The mobility platform is now looking to end FY24 with over Rs 300 crore in revenue, with aims to grow to about Rs 450 crore of revenue in FY25.

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