Mobility startup IntrCity by RailYatri (earlier known as RailYatri) announced on Monday that it has raised ₹100 crore in funding led by Infosys chairman Nandan Nilekani and Samsung Venture Investment. The startup’s existing investors, Omidyar Network and Blume Ventures also participated in the funding.
Till date, the NCR-based startup, which owns and operates the brands IntrCity SmartBus and RailYatri, has raised $30 million in venture capital.
“We are impressed by the rapid momentum of IntrCity by RailYatri and it is on a successful path to create the scale which a leader in inter-city mobility deserves. This initiative will be of great benefit and convenience to millions of domestic intercity travellers,” says Nandan Nilekani.
This new round of funding comes at a time when IntrCity SmartBus is reaching a pan-India presence. The multi-modal RailYatri.in platform contributes bulk of the bookings. Currently, there is a fleet of 84 IntrCity SmartBus across 18 hubs, covering 65 destinations and serving nearly 400,000 travellers per month.
“We could create India’s leading multi-modal inter-city mobility network due to our deep understanding of how Bharat travels, gained due to focused execution of last four years,” says Manish Rathi, CEO and co-founder, IntrCity by RailYatri. “The latest investments will help us further expand our IntrCity SmartBus network and enhance our tech platform,” he adds. The startup plans to expand its bus fleet to 300 over the next few months and to 2,000 by 2022.
“We have grown over 500% in the last year with the entire growth costs being met from our internal revenue generation, and we are projecting 300% growth over next three consecutive years,” adds Kapil Raizada, co-founder, IntrCity by RailYatri.