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IntrCity, India’s premier inter-city mobility platform offering train and bus services, has announced a significant addition to its Series C round with a funding of over INR 37 Crores. Mirabilis Investment Trust led this latest investment round, with continued support from existing investors, including Nandan Nilekani’s family trust (NRJN), Omidyar Network India, and U.S.-based Ujamaa Ventures.
Following the achievement of EBITDA profitability, IntrCity plans to strategically deploy the newly acquired funds to bolster its product offerings, drive accelerated user acquisition, and expand its presence along key routes, catering to the evolving needs of its expanding traveler base.
Manish Rathi, CEO and Co-founder, IntrCity, expressed his gratitude to investors, stating, “In FY23, we witnessed remarkable growth, achieving profitability in both revenue and business operations. As we embark on FY24, we are committed to sustaining this momentum with the unwavering support of our investors. IntrCity has emerged as the leading inter-city mobility brand in the country, driven by our cutting-edge technology platform and unwavering commitment to delivering exceptional travel experiences. With a presence in both the bus and train travel segments, we are well-positioned to serve every long-distance traveler in India. This fresh infusion of funds reaffirms our dedication to revolutionizing travel experiences through a blend of technology and hospitality.”Srinivas Seshadri, Head of Investments, Mirabilis Investment Trust, shared his perspective on the investment, stating, “The ongoing development of transportation infrastructure in India presents significant opportunities for economic growth, particularly in the travel industry. We are impressed by IntrCity’s vision to elevate the inter-city bus segment by providing a best-in-class experience to travelers. IntrCity’s data-driven, scalable, and asset-light business model positions it favorably for long-term growth. We are excited to join IntrCity’s journey as investors and support its growth trajectory.
This underscores the company’s growth in the region, where it currently has a diverse portfolio of 160 operating properties across 17 distinct brands. In 2024, Marriott International anticipates opening 14 hotels, following the brand debut of Moxy to South Asia in early January 2024.
Mirabilis Investment Trust focuses on investing in high-quality Indian businesses, particularly insurgent brands in the Indian consumer ecosystem. The trust is backed by the family office of K Dinesh, co-founder of Infosys, which invests across multiple asset classes with a long-term investment horizon.
In 2024, IntrCity marked a profitable year, expanding its footprint in partnership with nearly 30 bus operators across the country. IntrCity SmartBus now covers travel to over 650 Tier 2/Tier 3 routes from its six hubs nationwide. Its technology-driven solutions, tailored for Indian conditions, have propelled SmartBuses to become the leading bus brand in the country.
Additionally, the RailYatri platform serves more than 15 million users per month, further solidifying IntrCity’s position as a leader in the inter-city mobility segment.
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