The funds will be used to enhance product offerings, foster accelerated user acquisition for growth, and go deeper on its hubs routes by providing more offerings to its growing traveller base
The startup claims to have partnered with over 30 bus operators across the country and cover more than 650 Tier 2 and Tier 3 routes across India from its 6 hubs spread across the country
Since inception, the startup claims to have raised total funding close to $35 Mn (approximately INR 290 Cr)
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Mobility startup IntrCity has raised INR 37 Cr (around $4.4 Mn) in its Series C funding round led by Mirabilis Investment Trust, with participation from existing investors – Nandan Nilekani’s family trust (NRJN), Omidyar Network India and US-based Ujamaa Ventures.
IntrCity’s cofounder Kapil Raizada told Inc42 that being profitable, the company’s plan is not to deploy the funds immediately but to use it when required by the parent entity Stelling Technologies for product offerings, foster accelerated user acquisition for growth and go deeper on its hubs routes by providing more offerings to its growing traveller base.
In addition to IntrCity, the parent entity also houses RailYatri as a brand that offers train booking and other railway-related information services.
The startup was launched in 2014 by Raizada and Manish Rathi.
Rathi said, “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.”
According to him, the startup’s presence in both train and bus service gives it the ability to directly target the long-distance travellers in India.
The startup claims to have partnered with over 30 bus operators across the country and cover more than 650 Tier II and III routes across India from its 6 hubs spread across the country. Further, the other brand RailYatri serves more than 15 Mn passengers every month, the startup claims.
In 2020, the startup bagged INR 14.03 Cr from Samsung Venture Investment Corporation as a part of Series B funding round. Raizada said that since inception, the startup has raised total funding close to $35 Mn (approximately INR 290 Cr).
It also counts Entrust Family Office, Omidyar Network and Blume Ventures Services among its backers.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.