IntrCity SmartBus Raises ₹250 Cr in Series D Funding Led by A91 Partners

IntrCity SmartBus secures ₹250 crore in Series D funding from A91 Partners to grow its fleet, upgrade technology, and broaden services in Tier II and III cities.

Intercity mobility startup IntrCity SmartBus has raised ₹250 crore (approximately $28 million) in its Series D funding round, led by A91 Partners, at a post-money valuation of ₹1,200 crore.

The fresh capital will be utilized to enhance customer experience, upgrade its fleet management technology, and expand deeper into Tier II and Tier III cities, the company said in a statement.

IntrCity’s Manish Rathi on the Road Ahead for Electric Bus Adoption in the Private Sector

Doubling Fleet and Expanding Nationwide Network

With the new funding, IntrCity SmartBus plans to double its current fleet size and operate 1,000 smart buses across India in the coming years. The company currently runs around 550 to 600 buses, according to Kapil Raizada, Co-founder and President of IntrCity SmartBus.

Raizada noted that the company aims to strengthen existing routes by increasing bus frequency and offering commuters multiple travel options.

“Now that we have a product that meets the requirements of our consumers and we have a sound product-market fit, it makes sense to expand deeper and wider,” Raizada told YourStory.

Homegrown & Ahead: How IntrCity SmartBus Is Building a New Standard for Intercity Travel in India

Strong Financial Growth and Profitability

IntrCity SmartBus has reported a 50% year-on-year growth in revenue for FY25, reaching around ₹500 crore, marking a robust 70% increase from ₹320 crore in the previous year. 

As per Co-founder and CEO Manish Rathi, the company is now targeting ₹1,000 crore in revenue for the current financial year, driven by increasing adoption and repeat customers.

Raizada highlighted that the company’s growth is largely organic, fueled by customer satisfaction rather than aggressive marketing campaigns.

“We are seeing a fairly healthy adoption of our services and a lot of it is organic. We believe in putting the right product out there, get traction and grow,” he added.

High Occupancy and Loyal Customer Base

According to the company, more than 50% of its occupancy comes from repeat customers, reflecting strong user trust and satisfaction in its intercity travel experience.

IntrCity SmartBus is also profitable at the EBITDA level, signaling sustainable growth through efficient operations and sound financial discipline.

From Idea to Impact: the Genesis of IntrCity SmartBus

About IntrCity SmartBus

Founded as part of the RailYatri ecosystem, IntrCity SmartBus operates a tech-enabled intercity mobility network offering comfortable, safe, and connected bus journeys across India.

The company integrates IoT technology, real-time tracking, and customer-centric amenities to deliver a superior travel experience to millions of passengers.

In an earlier interview with Coach Builders India, Co-founder and CEO Manish Rathi said IntrCity SmartBus has always aimed to offer “a travel experience designed around the passenger.”

“Our goal was always to create a platform that brings predictability and comfort to road travel, and today every route, boarding lounge, and new service reflects that promise,” Rathi added.