RailYatri Adds over 3 Million in Series C Funding
The train ticketing platform RailYatri has raised $3.44 million Rs 28.58 crore, through a combination of debt and equity financing headed by Mirabilis Investment Trust. Omidyar Network, Blacksoil, and the NRJN Family Trust also participated in the round.
The RailYatri board has approved special resolutions to issue 21,107 Series C CCPS for 5,685 per share and 26,663 Series C CCPS at an issue price of Rs. 4,720 each, for a total consideration of $3 million. In accordance with the firm's regulatory filings with the Registrar of Companies, the company additionally issued 80 non-convertible debentures (NCDs) at a price of Rs 5,00,000 each in order to raise an additional Rs. 4 crore.
Prominently the financing was led by Mirabilis Investment Trust, which contributed Rs. 12 crore. The contributions from Omidyar Network and Nandan Nilekani's NRJN Family Trust were Rs. 5.69 crore and Rs. 6.9 crore, respectively. Blacksoil contributed Rs. 4 crore in debt financing to the Funding round. RailYatri has already raised Rs. 13.5 crore from current investors in the Series C round across numerous tranches during 2022, according to startup intelligence platform TheKredible.
In the same time frame, Alteria Capital also provided the company with debt financing of Rs. 10 crore. The company is estimated to be worth approximately Rs. 912 crore. To date, RailYatri has raised more than $50 million.
In addition to providing information on train tickets, online travel aggregator RailYatri also operates the IntrCity SmartBus- bus service, which travels on routes including Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore.
Additionally, RailYatri introduced a "flexi-ticket" function that lets customers alter their plans at the last minute when reservations for trains are unavailable. Following the round's allocation, the NRJN Family Trust holds the largest interest (22.82 percent) in the business. Manish Rathi, a Co-Founder, owns 13.12 percent of the company, while Omidyar Network comes in second with about 15 percent of the total.
RailYatri's operating income increased 2-3 times, from Rs. 117.2 crore in FY22 to Rs. 273.7 crore in FY23. The company not only increased its scale but also controlled its losses, which decreased by 58.6 percent from Rs. 43.87 crore in FY22 to Rs. 18.18 crore in FY23.
The RailYatri board has approved special resolutions to issue 21,107 Series C CCPS for 5,685 per share and 26,663 Series C CCPS at an issue price of Rs. 4,720 each, for a total consideration of $3 million. In accordance with the firm's regulatory filings with the Registrar of Companies, the company additionally issued 80 non-convertible debentures (NCDs) at a price of Rs 5,00,000 each in order to raise an additional Rs. 4 crore.
Prominently the financing was led by Mirabilis Investment Trust, which contributed Rs. 12 crore. The contributions from Omidyar Network and Nandan Nilekani's NRJN Family Trust were Rs. 5.69 crore and Rs. 6.9 crore, respectively. Blacksoil contributed Rs. 4 crore in debt financing to the Funding round. RailYatri has already raised Rs. 13.5 crore from current investors in the Series C round across numerous tranches during 2022, according to startup intelligence platform TheKredible.
In the same time frame, Alteria Capital also provided the company with debt financing of Rs. 10 crore. The company is estimated to be worth approximately Rs. 912 crore. To date, RailYatri has raised more than $50 million.
In addition to providing information on train tickets, online travel aggregator RailYatri also operates the IntrCity SmartBus- bus service, which travels on routes including Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore.
Additionally, RailYatri introduced a "flexi-ticket" function that lets customers alter their plans at the last minute when reservations for trains are unavailable. Following the round's allocation, the NRJN Family Trust holds the largest interest (22.82 percent) in the business. Manish Rathi, a Co-Founder, owns 13.12 percent of the company, while Omidyar Network comes in second with about 15 percent of the total.
RailYatri's operating income increased 2-3 times, from Rs. 117.2 crore in FY22 to Rs. 273.7 crore in FY23. The company not only increased its scale but also controlled its losses, which decreased by 58.6 percent from Rs. 43.87 crore in FY22 to Rs. 18.18 crore in FY23.
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