News Summary

IntrCity SmartBus, a tech-enabled intercity bus platform based in Noida, India, has raised $30 million in a Series D funding round led by A91 Partners, valuing the startup at $140 million. The funds will be used to expand its network across smaller cities and towns in India, enhancing customer experience and safety, and upgrading fleet management technology. IntrCity SmartBus operates on an asset-light model by partnering with local bus owners and equipping their vehicles with proprietary hardware for real-time tracking. The startup centralizes ticket booking and route planning through its digital platform, offering a convenient alternative to state-run intercity bus services. The company plans to go deeper into the country and aims to make buses a preferred mode of travel. Founded in 2019, the startup grew its revenue by 67% to approximately $57 million in the last fiscal year and is targeting full profitability this year. It operates around 600 daily bus trips, catering primarily to non-discretionary travel needs such as work and education.