Intrcity is a travel tech startup that offers an online intercity bus booking platform for multi-category travel services. The startup posted a 15.9 percent increase in its operational revenue to Rs 317.34 crore in FY24. The startup provides an online app-based platform that allows bus operators to connect with customers. These bus operations and related services are the company’s primary source of revenue.
The firm also earns income through commissions and advertisement services. These commission services earned Rs 18.08 crore and advertisement brought Rs 1.55 Crore to the total income. The bus operations increased by 16.9 percent. This service formed 93.8 percent of total revenue and crossed Rs 297.72 crore in FY24. These services pushed the operating revenue to Rs 320.7 crore in this financial year.
Intrcity has secured over 50 million USD across multiple funding rounds, including $4.46 million raised during its series C funding round from Mirabilis Investment Trust and other investors. The company had a post-money valuation of 110 million USD. The company also received Rs 3.38 crore through interest and gain on financial assets. The majority of commission revenue came from Tourism Corporation and Indian Railway Catering.
The Noida-based startup uses advanced technologies to provide a seamless user experience. The online booking platform provides customers with bus booking recommendations. The cost of revenue accounted for 68.3 percent of the total expenses and increased in FY24. These costs saw a 14.2 percent increase and stood at Rs 225.8 crore in the same duration. The operation and maintenance cost grew by 9.3 percent to Rs 43.5 crore while the employee benefit remained at Rs 36.85 crore in FY24.
The firm saw a 9.7 percent increase in its total expenditure and crossed Rs 330.6 crore in this financial year. The startup reported a 53.7 percent decrease in its loss which stood out at Rs 9.9 crore in the same duration. The company has institutional investors including Samsung Venture Investment and Blume Ventures. The firm’s operating cash outflows increased by 69.8 percent to Rs 6.1 crore in FY24.
The EBITDA margin improved and stood at -2.08 percent in this financial year. The travel tech market has been increasing for the last few years. The firm’s nearest competitor is MakeMyTrip in terms of revenue. Intrcity faces competition from other travel services offering platforms such as Ixigo, Cleartrip, EaseMyTrip, and Yatra.
Conclusion :
Intrcity is an online bus ticket booking platform offering travel tech startup that posted its revenue from operations of Rs 317.34 crore in FY24. This Noida-based startup provides features including bus and flight booking. The bus operation charges contributed Rs 297.71 crore to the total revenue for this year.
These bus operations and advertisement services are the firm’s major source of revenue. The company’s loss decreased by 53.7 percent to Rs 9.9 crore in FY24. However, the employee benefits were around Rs 36.85 crore in this fiscal year. The firm’s total expenditure saw a 9.7 percent increase and crossed Rs 330.6 crore in the same duration.
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