IntrCity SmartBus, a technology-led intercity mobility platform, on Thursday announced that it has raised nearly $28 million (Rs 250 crore) in its Series D funding round led by A91 Partners.
The company said the fresh capital will be used to enhance customer experience, upgrade its fleet management technology, and expand services to Tier-2 and Tier-3 cities. IntrCity SmartBus also plans to double its fleet size and is targeting a turnover of around Rs 1,000 crore by next year.
“The brand continues to scale up organically and profitably and is projected to maintain its 50% YoY growth this year. We are excited to onboard A91 Partners in the next phase of our journey, and this new capital enables us to further double-down on our vision to transform the bus-travel landscape in India,” said Kapil Raizada, co-founder & president, IntrCity SmartBus.
IntrCity SmartBus operates an asset-light intercity bus network, offering standardised and reliable travel options across more than 630 routes in 15 states. Its companion brand, RailYatri, is a digital platform for train travel that offers ticket booking services and trip-related data and insights. The platform serves over 12 million users each month.
“This investment will be used to further raise the bar on customer satisfaction, operational excellence, and service expansion. This investment will also help our operator-partners to grow and monetise their asset portfolio faster with us. We welcome A91 Partners in the next phase of our pursuit of redefining growth of ground travel in India,” said Manish Rathi, co-founder & CEO, IntrCity SmartBus.
Private equity firm A91 Partners, founded by former Peak XV executives, has invested in a range of growth-stage companies across consumer, technology, financial services, and healthcare sectors, such as Sugar Cosmetics, Paper Boat, Atomberg, and Go Digit General Insurance. The firm closed its third fund at $665 million in April this year.
