IntrCity, an inter-city mobility platform, offering both train and bus services, has secured Rs 37 crore in Series C funding, led by Mirabilis Investment Trust.
The funding also saw participation from existing investors – Nandan Nilekani’s family trust (NRJN), Omidyar Network India and US-based Ujamaa Ventures.
Post turning Ebitda profitable, IntrCity will strategically utilise the recently acquired 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 traveler base.
"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. Our presence in both bus and train travel markets gives us the ability to directly reach every long-distance traveler in India," said Manish Rathi, CEO and Co-founder, IntrCity.
"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,” said Srinivas Seshadri, Head - Investments at Mirabilis Investment Trust.
Mirabilis is backed by the family office of Mr. K Dinesh (co-founder of Infosys), which invests across multiple asset classes, as part of the strategy to diversify and grow the financial assets with a long-term investment horizon.