IntrCity adds to its Series C Round With Over Rs. 37 Crore Funding, Led by Mirabilis Investment Trust

Existing investors NRJN Family Trust, Omidyar Network India, and Ujamaa Ventures participated

This investment comes in line of the company turning EBITDA profitable.

Leverage new funds for product expansion and market growth.

IntrCity is the largest tech-driven D2C inter-city bus brand with operations in 12 states. Aims to grow another 50% this year.

New Delhi, India – 29th Feb, 2024 –IntrCity, India’s leading inter-city mobility platform, offering both train and bus services, announces that it has added to its 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

Post turning EBITDA profitable, IntrCity will strategically utilise the recently acquired funds to enhance product offerings, foster accelerated user acquisition for growth, and go deeper on its hubs routes by providing more offerings to its growing traveler base.

“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 – Investments at Mirabilis Investment Trust.

Mirabilis Investment Trust invests in high quality Indian businesses. Mirabilis is an active investor in insurgent brands in the Indian consumer ecosystem. Mirabilis is backed by the family office of Mr. K Dinesh (co-founder of Infosys), which invests across multiple asset classes, as part of the strategy to diversify and grow the financial assets with a long-term investment horizon.

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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