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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.

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

EntrackrEntrackr · 5m 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.

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.

Euler Motors raises $24 Mn led by Piramal Alternatives

EntrackrEntrackr · 1y ago
Euler Motors raises $24 Mn led by Piramal Alternatives
Medial

Commercial electric vehicle manufacturer ​​Euler Motors has raised Rs 200 crore ($24 million) more in Series C round led by new investor Piramal Alternatives India Access Fund. Existing investors British International Investment and Blume Ventures also participated in the funding tranche. Euler Motors will utilize the fresh proceeds for pan-India presence and raising servicing infrastructure in 40 cities by March 2025, Euler Motors said in a press release. With this, the Delhi-based company also claimed to raise Rs 570 crore ($68.6 million) in its series C round. The firm had raised Rs 120 crore (approximately $14.5 million) in an extended Series C round co-led by British International Investment and Blume Ventures in November last year. It has raised Rs 770 crore ($92 million) to date. As per startup data intelligence platform TheKredible, Euler was valued at around $160 million during an extended Series C round in November 2023. According to Euler Motors, its commercial electric vehicles collectively transported goods over 45 million kilometers. The company’s flagship model HiLoad EV claims to be the most powerful electric cargo three-wheeler, with a range of 170 kilometers. In FY24, the company claims to have sold 3,700 vehicles and expanded its presence from 5 to 22 cities. On the lines of many startups, Euler also laid off 10% of its employees to cut costs and navigate through a tight funding environment. For the fiscal year ending in March 2023, Euler registered Rs 61.53 crore in revenue from operations against Rs 17.57 crore in FY22. As per TheKredible, its losses spiked nearly 5X to Rs 174.73 crore in FY23 from Rs 36.33 crore in the previous year. The heavy losses could be attributed to investment made by the firm in creating infrastructure and facilities. In the electric three-wheeler space, it competes with Altigreen and legacy players like Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others.

Visa processing startup Atlys raises $36 Mn in Series C funding

EntrackrEntrackr · 16d ago
Visa processing startup Atlys raises $36 Mn in Series C funding
Medial

Visa processing startup Atlys raises $36 Mn in Series C funding Founded in 2021 by Mohak Nahta, visa processing startup Atlys allows travellers to discover, apply for and manage visas digitally across more than 120 destinations. Atlys has raised $36 million in a Series C funding round led by Susquehanna Asia Venture Capital. Existing investors Elevation Capital, Long Journey Ventures, and Peak XV Partners also participated in the round. Travel platform MakeMyTrip joined the company as a new investor. The company will use the fresh capital to expand into new international markets and advance its AI roadmap. Atlys plans to deploy AI across the visa process including document verification, eligibility checks and traveller support. Since the previous funding round, the startup has processed close to 450,000 visas and expanded its presence across several global markets such as the UAE, the US, the UK and Australia. These international markets now contribute nearly half of the company’s overall business. According to the company, it currently operates at an annual visa run rate of more than 700,000 applications. The firm has recorded 11X growth since its Series B round in 2024. The latest round follows Atlys’ $20 million Series B funding in September 2024 which was co-led by Peak XV Partners and Elevation Capital with participation from DST Global Partners and Headline. Earlier, the startup secured $12 million in a Series A round in September 2023 after it raised $4.25 million in seed funding in October 2021. In February 2025, Atlys also acquired the UK unit of visa services firm Artionis in an all cash deal to expand its presence in Europe and strengthen its visa processing infrastructure. With this expansion and new funding, the company aims to build a global digital visa platform for international travellers.

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