IntrCity raises ₹37 crore in series C round led by Mirabilis Investment Trust

IntrCity, an inter-city mobility platform, offering both train and bus services, has raised ₹37 crore in Series C round. The investment wasled 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 utilise the 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 traveller base, company said in release.

Travel market

Manish Rathi, CEO and co-founder, said, “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 traveller in India. This fresh infusion of funds reaffirms our commitment to transforming the travel experience with a unique mix of technology and hospitality.”

Commenting on Srinivas Seshadri, Head - Investments at Mirabilis Investment Trust, said, “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.”

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