Mobility platform IntrCity announced that it raised Rs 37 crore in funding led by Mirabilis Investment Trust, part of Infosys cofounder K Dinesh’s family office.
Existing investors participated in the funding round, including Nandan Nilekani’s family trust, Omidyar Network India, and Ujamaa Ventures. The company’s last funding round in February 2020 raised Rs 100 crore at an approximately Rs 700 crore post-money valuation. Cofounder Kapil Raizada noted that the latest funding round occurred at a higher valuation, although he didn’t disclose specific figures.
Following this funding, Nilekani’s family trust will become the largest shareholder in the company, holding over 20%, while Omidyar is expected to have between 15% and 17%, according to Raizada. Other significant investors in the company include Blume Ventures and Samsung Venture Investment.
IntrCity collaborates with more than 30 local bus operators to offer intercity bus travel services. The company operates a booking site and enhances its services by monitoring hardware and software for vehicles, along with enforcing standard operating procedures across its partner operators. Additionally, the company operates RailYatri, an online train booking service provider.
IntrCity aims to conclude the fiscal year 2024 with revenue exceeding Rs 300 crore and Earnings Before Interest, Depreciation, and Amortization (EBITDA) of around Rs 5 crore. The company expects to incur a loss after tax of approximately Rs 5 crore for the same fiscal year, as per Raizada. For the fiscal year 2025, the company targets revenue growth of about Rs 450 crore, with an EBITDA ranging between Rs 25 to 30 crore, along with a positive profit after tax, he added.
“A large part of the funds we raised will go to the firm’s reserves as we near profitability, with some of it used for expansion,” Raizada said. The firm might consider some acquisition opportunities “if there is a fit,” he added.
