Mobility Service platform IntrCity bags Rs.37 crore in Series C Funding
Intercity mobility platform,IntrCity has recently unveiled new mobility services in bus and trains and grabbed Rs.37 crore in its Series C funding round led by Mirabilis Investment Trust.
The funding round also saw participation from existing investors Nandan Nilekani’s family trust (NRJN) Omidyar Network India and US-based Ujamaa Ventures.
The company asserts that it has achieved profitability in terms of EBITDA and has stated its intention to utilize the new capital in order to improve its range of products, facilitate rapid user acquisition for expansion, and further expand its services in its hub routes by offering more options to its expanding customer base.
Co-founder and CEO, Manish Rathi quoted, "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."
He also added, "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."
IntrCity presently maintains collaborations with more than 30 bus operators. As per their announcement, IntrCity SmartBus presently encompasses transportation to over 650+ Tier 2 and Tier 3 routes nationwide, facilitated by their 6 hubs located throughout the country. Additionally, their RailYatri platform caters to a user base exceeding 15 million individuals on a monthly basis.
The funding round also saw participation from existing investors Nandan Nilekani’s family trust (NRJN) Omidyar Network India and US-based Ujamaa Ventures.
The company asserts that it has achieved profitability in terms of EBITDA and has stated its intention to utilize the new capital in order to improve its range of products, facilitate rapid user acquisition for expansion, and further expand its services in its hub routes by offering more options to its expanding customer base.
Co-founder and CEO, Manish Rathi quoted, "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."
He also added, "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."
IntrCity presently maintains collaborations with more than 30 bus operators. As per their announcement, IntrCity SmartBus presently encompasses transportation to over 650+ Tier 2 and Tier 3 routes nationwide, facilitated by their 6 hubs located throughout the country. Additionally, their RailYatri platform caters to a user base exceeding 15 million individuals on a monthly basis.
