IntrCity SmartBus on Thursday said it has raised ₹ 250 crore in a funding round led by A91 Partners.
The fresh funds from the Series D funding round will be utilised for investments in improving the customer travel experience, upgrading the fleet management technology platform, and providing deeper and wider coverage in Tier-2/Tier-3 cities, the intercity bus travel services provider said in a statement.
The company is on track to double its fleet and target an ₹ 1,000 crore turnover by next year, it added.
"This investment will also help our operator-partners to grow and monetise their asset portfolio faster with us. We welcome A91 Partners in the next phase of our pursuit of redefining the growth of ground travel in India," IntrCity SmartBus Co-founder & CEO, Manish Rathi said.
A91 Partners General Partner, Gautam Mago, said IntrCity SmartBus has built a trusted, pan-India brand "through exceptional quality, consistency and customer service".
"This provides a platform to build a category-defining leader in inter-city mobility," Mago added.
