New Delhi, Oct. 30 -- Tech-enabled intercity bus travel platform IntrCity SmartBus has raised Rs 250 crore ($28.3 million) in a Series D round led by A91 Partners.
The company plans to use the funds to enhance customer experience, strengthen its fleet management technology, and expand operations across tier II and III cities.
"...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 monetize their asset portfolio faster with us," said Manish Rathi, co-founder and CEO of IntrCity SmartBus.
The Delhi-based company said it aims to double its fleet size and reach Rs 1,000 crore in annual revenue by next year.
"IntrCity SmartBus has emerged as the top-ranked brand nationally among bus travellers, known for its professionalism, punctuality, comfort, and reliability of operations," said Kapil Raizada, co-founder and president.
"The brand continues to scale up organically and profitably, and is projected to maintain its 50% year-on-year growth this year.This new capital enables us to further double down on our vision to transform the bus-travel landscape in India," Raizada added.
Founded in 2019, IntrCity SmartBus operates a network of intercity buses equipped with features such as live tracking, in-bus washrooms, trained crew, and safety systems. The company focuses on improving the long-distance bus travel experience while supporting independent bus operators with technology and standardization.
Headquartered in Delhi-NCR, the company operates on many long-distance routes across India, with more than 600 routes in multiple states.
In the past, it has raised funding from Mirabilis Investment Trust, Omidyar Network India, Samsung Venture Investment Corp, and NRJN (Nandan Nilekani's family trust).
Published by HT Digital Content Services with permission from VC Circle.