Mobility platform IntrCity said it has raised Rs 37 crore in a funding round led by Mirabilis Investment Trust, part of the family office of Infosys cofounder K Dinesh, according to ETtech report.
The funding round also saw participation from existing investors like Nandan Nilekani’s family trust, Omidyar Network India and Ujamaa Ventures. The firm had last raised Rs 100 crore in a funding round in February 2020 at an about Rs 700 crore post-money valuation. The latest funding round happened at a higher valuation, cofounder Kapil Raizada told ET in an interaction.
With this funding, Nilekani’s family trust will have the largest holding in the firm at over 20%, with Omidyar holding between 15% to 17%, Raizada said. Other notable investors on the firm’s captable include Blume Ventures and Samsung Venture Investment.
IntrCity works with over 30 local bus operators to provide intercity bus travel services. The firm runs a booking site and adds tech capabilities like monitoring hardware and software to the vehicles, besides enforcing standard operating procedures across its partner operators. The firm also runs the online train booking service provider RailYatri.
“A large part of the funds we raised will go to the firm’s reserves as we near profitability, with some of it used for expansion,” Raizada said. The firm might consider some acquisition opportunities “if there is a fit,” he added.
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