IntrCity SmartBus Secures ₹250 Crore in Series D Round Led by A91 Partners
Intercity travel startup IntrCity SmartBus has raised ₹250 crore (approximately $28 million) in its latest Series D funding round, led by A91 Partners. The fresh capital will fuel the company’s expansion into smaller cities and strengthen its technology-led mobility services.
The Noida-based company, which operates under the RailYatri umbrella, plans to utilise the new funds to enhance customer experience, upgrade its fleet management platform, and expand its network across tier-II and tier-III cities. The round underscores growing investor confidence in India’s premium intercity bus travel segment, which continues to see strong post-pandemic recovery.
Founded in 2019 by Kapil Raizada and Manish Rathi, IntrCity SmartBus operates through an asset-light model, offering a more standardised and reliable intercity travel experience. Its signature SmartBuses are fitted with IoT-enabled devices for real-time monitoring and data analytics, ensuring passenger safety and operational efficiency.
“The brand continues to grow organically and profitably and is on track to maintain 50% year-on-year growth this year,” said Co-founder Kapil Raizada, commenting on the fundraise. “We’re delighted to have A91 Partners join us as we accelerate our mission to redefine intercity bus travel in India.”
This latest infusion follows IntrCity’s earlier $4.5 million funding from Samsung Venture Investment and other backers in February 2024. According to startup intelligence platform TheKredible, the company has now raised nearly $80 million in total funding and was valued at around $110 million in its previous round.
Currently, IntrCity SmartBus operates on over 630 routes across 15 states, connecting major cities through a tech-integrated, affordable, and comfortable travel network. Its sister platform RailYatri serves more than 12 million monthly users, providing train ticketing, travel insights, and intercity mobility solutions.
Financially, the company reported a 15.9% year-on-year increase in revenue from operations, reaching ₹317.34 crore in FY24, up from ₹273.9 crore in FY23. IntrCity now aims to double its fleet size and cross ₹1,000 crore in turnover by next year, signalling its ambition to become a dominant player in India’s long-distance travel ecosystem.
IntrCity competes with players such as Abhibus, Zingbus, Leafybus, and ixigo’s Freshbus in the intercity mobility segment. With fresh backing from A91 Partners, the company is well-positioned to scale operations and strengthen its foothold in India’s fast-evolving tech-driven transportation market.