IntrCity by RailYatri raises over ₹100 crore in round led by Nandan Nilekani1 min read . Updated: 24 Feb 2020, 05:29 PM IST
- Existing investors Omidyar Network and Blume Ventures also participated
- The firm has raised $30 million in funding so far
BENGALURU: Intercity mobility startup IntrCity by RailYatri has raised over ₹100 crore in a new funding round led by Infosys' non-executive chairman, Nandan Nilekani, along with Samsung Venture Investment.
Existing investors Omidyar Network and Blume Ventures also participated in this round.
The Noida-headquartered firm said Samsung Venture Investment has come onboard as a strategic investor. IntrCity by RailYatri has raised $30 million in funding so far.
“We are impressed by the rapid momentum of IntrCity 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," Nilekani, one of the early backers of the venture, said in a statement.
"The latest investments will help us further expand our IntrCity SmartBus network and enhance our tech platform. We intend to expand our SmartBus fleet to 300 from the current 84 in the next few months, and are on track for a managed fleet of 2,000 by 2022," said Manish Rathi, co-founder and chief executive officer of IntrCity by RailYatri.
At present, the company operates a fleet of 84 IntrCity SmartBuses, covering 65 destinations and serving nearly 400,000 travellers a month.
"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. We have onboarded a number of top operators on our platform in the past 18 months across North, South and West India," said Kapil Raizada, co-founder, IntrCity by RailYatri.