IntrCity by RailYatri raises over Rs 100 crore from Nandan Nilekani, Samsung Venture Investment
IntrCity by RailYatri on Monday said it has raised over Rs 100 crore, led by investment by Infosys Chairman Nandan Nilekani. The round saw Samsung Venture Investment coming onboard as a strategic investor. Existing investors Omidyar Network and Blume Ventures also participated, a statement said. Nilekani is also an existing investor in the company.
The intercity mobility startup has so far raised a total of USD 30 million (about Rs 215 crore). “The latest investments will help us further expand our IntrCity SmartBus network and enhance our tech platform," IntrCity by RailYatri CEO and Co-founder Manish Rathi said.
He added that the company intends to expand its SmartBus fleet to 300 from the current 84 in the next few months and is on track for a managed fleet of 2,000 by 2022. RailYatri (operated by Stelling Technologies) was renamed as "IntrCity by RailYatri" with two consumer brands "IntrCity SmartBus" and "RailYatri". Currently, the company is running a fleet of 84 IntrCity SmartBus across 18 hubs, covering 65 destinations and serving nearly four lakh travellers a month.
“We have grown over 500 per cent in the last year with the entire growth costs being met from our internal revenue generation, and we are projecting 300 per cent growth over the next three consecutive years," IntrCity by RailYatri Co-founder Kapil Raizada said.
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