IntrCity raises more than Rs 37 crore in Series C funding
IntrCity has raised more than Rs 37 crore in Series C funding led by Mirabilis Investment Trust.
The India-based inter-city mobility platform offers both bus and train services. Existing investors also joined the round, including Nandan Nilekani’s family trust NRJN, Omidyar Network India and U.S.-based Ujamaa Ventures.
IntrCity plans to use the new capital to improve its product offerings, accelerate user acquisition and deepen services on its hub routes. The company said the fundraise follows its move to Ebitda profitability, with both revenue and the business turning profitable in FY23.
Chief Executive and co-founder Manish Rathi said IntrCity aims to maintain that momentum in FY24 with investor support. He said the company’s presence across both bus and train travel allows it to directly reach long-distance travellers in India.
Mirabilis Investment Trust said IntrCity’s data-driven, scalable and asset-light model positions it for long-term growth. Mirabilis is backed by the family office of K Dinesh, co-founder of Infosys, and the new funding gives IntrCity more capacity to expand offerings and compete for India’s long-distance travel market.