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

EntrackrEntrackr · 2y 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.

Exclusive: DrinkPrime raises fresh money at 30% valuation premium

EntrackrEntrackr · 1d ago
Exclusive: DrinkPrime raises fresh money at 30% valuation premium
Medial

Exclusive: DrinkPrime raises fresh money at 30% valuation premium DrinkPrime, a subscription-based reverse osmosis (RO) water supplying startup, has raised Rs 20 crore in fresh funding from Artha Venture Fund and Mirabilis Investment Trust. According to DrinkPrime’s filings with the Registrar of Companies (RoC), its board approved the allotment of 21,718 Series A3 CCPS and 10 equity shares at an issue price of Rs 9,205 per share to raise Rs 20 crore. Artha Venture Fund and Mirabilis Investment Trust have invested Rs 10 crore during the round. According to the filing, the proceeds will be utilized in line with the company’s approved business plan. As per Entrackr’s estimates, DrinkPrime’s valuation has jumped to Rs 340 crore (approximately $37 million) in the latest round compared to Rs 261 crore in its previous funding round. Following the allotment in the latest round, Artha Continuum Fund and Mirabilis Investment Trust hold a 2.94% stake each in DrinkPrime on a fully diluted basis. The Bengaluru-based startup had previously raised $3 million in a funding round led by SIDBI Venture Capital Ltd. Founded in 2016 by Vijender Reddy Muthyala and Manas Ranjan Hota, DrinkPrime operates a subscription-based water purifier platform that offers IoT-enabled purifiers to households. DrinkPrime reported a 54% increase in operating revenue to Rs 72.13 crore in FY25 from Rs 46.81 crore in FY24, while its loss decreased to Rs 11.53 crore from Rs 14.14 crore during the same period.

RailYatri tops up Series C round with over $3 Mn funding

EntrackrEntrackr · 2y ago
RailYatri tops up Series C round with over $3 Mn funding
Medial

Train ticketing platform RailYatri has raised Rs 28.58 crore or $3.44 million in a mix of equity and debt funding round led by Mirabilis Investment Trust. The round also saw participation from NRJN Family Trust, Omidyar Network, and Blacksoil. The board at RailYatri has passed special resolutions to issue 26,663 Series C CCPS at an issue price of Rs 4,720 each and 21,107 Series C CCPS for 5,685 per share for a total consideration of Rs 24.58 crore or $3 million. In a separate resolution, the company also issued 80 non-convertible debentures (NCDs) at Rs 5,00,000 per debenture to raise Rs 4 crore as per the company’s regulatory filings with the Registrar of Companies. Mirabilis Investment Trust spearheaded the round with an infusion of Rs 12 crore. Nandan Nilekani’s NRJN Family Trust and Omidyar Network injected Rs 6.9 crore and Rs 5.69 crore, respectively. Blacksoil joined the round with Rs 4 crore debt funding. As per the startup intelligence platform TheKredible, RailYatri has already raised Rs 13.5 crore from existing investors in the Series C round across multiple tranches during 2022. The company also raised Rs 10 crore in debt from Alteria Capital during the same period. As per TheKredible’s estimates, the company has been valued at around Rs 912 crore or $110 million (post-money). RailYatri has raised over $50 million to date. For more information about the company, visit here. Online travel aggregator (OTA) RailYatri offers train ticket information along with intercity bus service — IntrCity SmartBus which runs on routes such as Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore among others. RailYatri 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. Post-allotment of the round, the NRJN Family Trust is the leading stakeholder in the company with a 22.82% stake. Omidyar Network follows with around 15% shares while co-founder Manish Rathi owns a 13.12% share of the company. For more information, visit here. RailYatri’s revenue from operations surged 2.3X to Rs 273.7 crore during FY23 from Rs 117.2 crore in FY22. Along with improved scale, the company also managed to control its losses which shrank 58.6% to Rs 18.18 crore in FY23 from Rs 43.87 crore in FY22.

Emiza raises Rs 100 Cr in Series C round

EntrackrEntrackr · 1y ago
Emiza raises Rs 100 Cr in Series C round
Medial

Emiza raises Rs 100 Cr in Series C round Supply chain and warehousing startup Emiza has mopped up its Rs 100 crore (approximately $12 million) Series C funding round co-led by Evolvence India and Mirabilis Investment Trust. The round, which came at a valuation of Rs 400 crore (nearly $50 million), comprised a mix of primary and secondary investments, enabling exit for some early investors. The proceeds will be utilized to drive innovation, enhance warehouse technology, improve automation, and expand its footprint with new facilities, Emiza said in a press release. Co-founded in 2015 by Ajay Rao and Jitendra Kumar, Emiza provides logistics and delivery management solutions for e-commerce businesses. It offers warehousing and fulfillment solutions and uses technology and processes to optimize and manage the storage and distribution of inventory. Emiza states that it has emerged as a key enabler in this ecosystem, delivering customized warehousing and fulfilment solutions that elevate customer experiences and drive operational excellence for its partners. The company has recorded 40% year-on-year growth to Rs 102 crore during the fiscal year ended March 2024. However, the profits for the firm dwindled to Rs 2.6 crore in FY24, compared to Rs 4.98 crore in FY23.

IntrCity SmartBus raises Rs 250 Cr in Series D led by A91 Partners

EntrackrEntrackr · 4m ago
IntrCity SmartBus raises Rs 250 Cr in Series D led by A91 Partners
Medial

IntrCity SmartBus raises Rs 250 Cr in Series D led by A91 Partners Intercity bus network IntrCity SmartBus has raised Rs 250 crore ($28 million) in a Series D funding round led by A91 Partners. IntrCity had earlier raised $4.5 million from Samsung Venture Investment and other investors in February last year. As per the startup data intelligent platform TheKredible, IntrCity has raised nearly $80 million to date and was valued at around $110 million in the last funding round. The Noida-based company will use the funds to enhance customer travel experience, upgrade its fleet management technology platform, and expand coverage across tier-II and tier-III cities. Co-founded in 2019 by Kapil Raizada and Manish Rathi, IntrCity SmartBus operates as the bus arm of RailYatri, offering standardized intercity bus travel through an asset-light model. Its “SmartBuses” are equipped with IoT devices for real-time tracking and data monitoring. “The brand continues to scale up organically and profitably and is projected to maintain its 50% year-on-year growth this year. We are excited to onboard A91 Partners in the next phase of our journey,” said Raizada. “This new capital enables us to further double down on our vision to transform the bus-travel landscape in India.” IntrCity SmartBus claims to operate on more than 630 routes across 15 states. Its sister platform, RailYatri, serves over 12 million monthly users offering train ticket booking and travel insights. The company aims to double its fleet and touch Rs 1,000 crore in turnover by next year. While the company has yet to file its annual financial statements for FY25, it reported a 15.9% jump in its revenue from operations to Rs 317.34 crore during FY24 as compared to Rs 273.9 crore in FY23. It competes with Abhibus, Zingbus, Leafybus and ixigo’s Freshbus.

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