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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.

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

EntrackrEntrackr · 1y 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.

Captain Fresh raises $25 Mn in ongoing funding round

EntrackrEntrackr · 1y ago
Captain Fresh raises $25 Mn in ongoing funding round
Medial

Captain Fresh, a fish and seafood tech startup, has raised $25 million as part of a continuing larger funding round. The extension of the series C round is joined by Nekkanti seafoods group and British International Investment (BII), a UK-based development finance institution and impact investor, and a few family offices. Proceeds will be used to fuel its distribution presence in the US and Europe, and enhance multi-origin vertically integrated seafood platform, among others, the company said in a press release. With this, Captain Fresh has raised a total of $45 million across multiple tranches in its Series C extended round with $20 million raised in September last year. Strategic Business Innovators (SBI) and Evolvence fund led the first tranche with participation from Tiger Global, Prosus, Accel and Matrix Partners India. The firm also raised $13 million in January this year and will close the extended Series C at $48 million. As per startup data intelligence platform TheKredible, Captain Fresh was valued at around $480 million when it raised $13 million and is likely to close the ongoing round at $500 million. Five-year-old Captain Fresh’s product portfolio encompasses over 100 species of fish and seafood, sourced from over a dozen countries globally and catering to customers in more than 30 countries. Captain Fresh has offices in India, the US, Dubai, Paris, Oslo, Amsterdam and Madrid. The firm claims that it handles over 80,000 metric tonnes of seafood annually with India constituting 90% of this. Some percentage of demand also comes from Southeast Asia. Captain Fresh recently completed the acquisition of a 40-year-old, Paris-based, shrimp cooker and distributor, Senecrus, as part of its EU expansion strategy. As per TheKredible, Captain Fresh’s gross revenue surged nearly 4X to Rs 817 crore in the fiscal year ending March 2023 while its losses also shot up 2.6X to Rs 294 crore in the same period.

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