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IntrCity crosses Rs 320 Cr income in FY24, nears break-even

EntrackrEntrackr · 6m ago
IntrCity crosses Rs 320 Cr income in FY24, nears break-even
Medial

Travel-tech platform IntrCity, which owns SmartBus and RailYatri, could not replicate its FY23 growth momentum in FY24. After achieving six-fold growth in FY23, the company recorded a modest 16% year-on-year revenue increase for the fiscal year ending March 2024. However, the Nandan Nilekani family trust-backed firm reduced its losses by over 52%, bringing them below Rs 10 crore in FY24. IntrCity's revenue from operations grew 15.9% to Rs 317.34 crore during FY24 as compared to Rs 273.9 crore in FY23, as per the company's consolidated financial statements with the Registrar of Companies. IntrCity operates web and mobile platforms for its brands, SmartBus and RailYatri. The flagship brand, IntrCity SmartBus, caters to long-distance bus routes across India, while RailYatri offers train travel services such as ticket booking and meal ordering. As per the filings, the majority of commission revenue came from the Indian Railway Catering and Tourism Corporation (IRCTC) during FY24. The company collected 93.8% of the revenue from bus operations which went up 16.9% to Rs 297.71 crore in FY24. It also earned Rs 18.08 crore from commission along with Rs 1.55 crore via advertisement services. Additionally, collection from interest and gain on financial assets (non-operating revenue) stood at Rs 3.38 crore. Including this, the company's overall revenue climbed to Rs 320.7 crore in FY24. On the expense side, the cost of revenue (direct cost for the distribution of services) accounted for 68.3% of the total expenditure. This cost grew 14.2% to Rs 225.8 crore in FY24 from Rs 197.8 crore in FY23. Operation and maintenance costs went up 9.3% to Rs 43.5 crore while spending on employee benefits remained almost flat at Rs 36.85 crore during the last fiscal year. The company incurred Rs 7.42 crore on advertisement and promotions and paid Rs 3.9 crore commission for catering and payment gateway services. In the end, IntrCity's expenses increased 9.7% to Rs 330.6 crore during FY24 in comparison to Rs 301.3 crore during FY23. On the back of controlled expenditure and double-digit growth in revenues, the firm managed to bring down its losses by 53.7% to Rs 9.9 crore in FY24. The losses were at Rs 21.4 crore in the previous fiscal year. Operating cash outflows of IntrCity also improved by 69.8% during the period and stood at Rs 6.1 crore. As of the last fiscal year, the firm's outstanding losses stood at Rs 242.5 crore. During FY24, the travel-tech platform managed to improve its EBITDA margin by 459 BPS to -2.08%. On a unit level, IntrCity spent Rs 1.04 to earn an operating revenue during the said period. IntrCity has Rs 17.4 crore in cash and bank balances while its total assets stood at Rs 41.2 crore for the fiscal year ended March 2024. As per the startup data intelligent platform TheKredible, IntrCity has raised over $50 million to date and was valued at around Rs 912 crore or $110 million in the latest funding round in February this year. Among online travel aggregator (OTA) platforms, MakeMyTrip is the largest player in terms of revenue. Ixigo, EaseMyTrip, Yatra, and Cleartrip are also the key players in the segment.

RailYatri’s parent IntrCity raises $4.5 Mn more in Series C

EntrackrEntrackr · 1y ago
RailYatri’s parent IntrCity raises $4.5 Mn more in Series C
Medial

Mobility platform IntrCity, which owns SmartBus and RailYatri, has raised Rs 37 crore (approximately $4.5 million) more in its Series C round. This round of investment has been led by Mirabilis Investment Trust, and with participation from existing investors – Nandan Nilekani’s family trust, Omidyar Network India, and US-based Ujamaa Ventures. IntrCity will utilise the funds to enhance product offerings, user acquisition, and go deeper on its hubs routes by providing more offerings to its growing traveler base, the company said in a press release. As per the startup data intelligent platform TheKredible, the company has been valued at around Rs 912 crore or $110 million after receiving the latest tranche of this round. IntrCity has raised over $50 million to date. IntrCity offers both train and bus services to budget travelers. While its flagship brand IntrCity SmartBus provides travel options around India’s long-distance routes, its companion brand RailYatri provides comprehensive train travel information, serving more than 15 million per month. IntrCity SmartBus operates across more than 630 routes such as Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore in 16 states. RailYatri has also launched a ‘flexi-ticket’ feature that allows users to make last-minute changes to their plans when finding a reservation on trains isn’t available. Co-founded by Kapil Raizada, Manish Rathi, and Sachin Saxena, the company makes more than 90% of its revenue via roadway operations while the remaining part came from commissioning and advertising publicity. In an interview with Entrackr, Raizada had claimed that one-third of IntrCity’s transactions come from its website and application, while the rest is tapped from aggregators and offline channels (read as organized agents). RailYatri’s revenue from operations surged 2.3X to Rs 273.7 crore during FY23 from Rs 117.2 crore in FY22. The company managed to control its losses which shrank 58.6% to Rs 18.18 crore in FY23 from Rs 43.87 crore in FY22. The firm claims to have achieved EBITDA profitability in the ongoing fiscal year.

ixigo-backed Fresh Bus raises $10.5 Mn in Series A round

EntrackrEntrackr · 10m ago
ixigo-backed Fresh Bus raises $10.5 Mn in Series A round
Medial

All-electric intercity bus startup Fresh Bus has raised Rs 87.5 crore ($10.5 million) in Series A funding round led by international early-stage transportation-focused VC fund Maniv, with participation from Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings. Last month, Entrackr exclusively reported about Fresh Bus’ new round. Fresh Bus will utilize the new funds to add 15 routes and deploy 150 new electric buses, the firm said in a press release. Besides scaling ops, the funds will also be deployed towards raising technological capabilities, and strengthening its team. Fresh Bus was previously backed by notable industry leaders such as CRED founder Kunal Shah, TVS Motors MD Sudarshan Venu, and Rivigo CEO Deepak Garg. Earlier, the firm also secured Rs 16 crore ($2 million) from public company ixigo. FreshBus, which offers ticketing, real-time tracking of buses, loyalty program, among other services, was founded by Sudhakar Reddy Chirra. Chirra had built bus aggregator Abhibus which was acquired by ixigo in August 2021 in a cash and stock deal. The Bengaluru-based company claims to have ferried over 4 lakh passengers to date. According to Chirra, the firm expects to scale to 1000 electric buses pan-India over the next four years. As per startup data intelligence platform TheKrediblle, FreshBus was a pre-revenue stage firm with a loss of Rs 2.1 crore during FY23. The company is yet to file its annual financial results for FY24. Fresh Bus competes with IntrCity SmartBus, ZingBus, Yolobus, and gogoBus, among several organized travel agencies across regions.

Hyphen’s INR 100 Cr Milestone: How D2C Brand Built A Winning Formula With mCaffeine’s Playbook

Inc42Inc42 · 9m ago
Hyphen’s INR 100 Cr Milestone: How D2C Brand Built A Winning Formula With mCaffeine’s Playbook
Medial

India's beauty and personal care (BPC) brands are experiencing rapid growth due to consumer trust, investor interest, and product innovation. It is predicted that the Indian BPC market will have the highest compound annual growth rate (CAGR) of 10% from 2022 to 2027, surpassing China and the US. By 2027, India could account for approximately 5% of the global BPC market, reaching $30 billion from $19 billion in 2022. Hyphen, a new brand launched by mCaffeine, has seen success in its first months, with plans for operational profitability by FY26 and revenue targets of INR 200 crore. BPC startups in India have raised over $1 billion in funding between 2014 and H1 2024.

Dezerv reports Rs 26 Cr revenue and Rs 75 Cr loss in FY24

EntrackrEntrackr · 7m ago
Dezerv reports Rs 26 Cr revenue and Rs 75 Cr loss in FY24
Medial

Dezerv, a company backed by Premji Invest, reported a revenue of Rs 26.25 crore and a loss of Rs 74.53 crore for the fiscal year ending March 2024. The revenue grew by 160% compared to the previous year, while losses increased by 95.1%. The total income for the year was Rs 26.33 crore, with significant expenses in employee costs (Rs 63.34 crore), marketing (Rs 18.48 crore), legal (Rs 4.13 crore), and miscellaneous expenses (Rs 14.89 crore), totaling Rs 100.84 crore. The company’s ROCE was -64.9% and EBITDA margin was -267.45%. Dezerv had cash and bank balances of Rs 100 crore and current assets worth Rs 122 crore. In FY23, the company had a revenue of Rs 10.22 crore and a loss of Rs 38.20 crore. The company raised $60 million in funding, with investors including Premji Invest, Elevation Capital, Matrix, and Accel. Dezerv targets high net-worth individuals (HNIs) with an investment threshold ranging from Rs 15 lakhs to several crore rupees, focusing on portfolio management services for working professionals.

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