Highlights
IntrCity’s Financial Transformation: A New Era of Growth
IntrCity, a leading player in the travel technology sector with its innovative platforms SmartBus and RailYatri, has experienced a significant transformation in its growth journey as it transitioned from FY23 to FY24. Following an exceptional six-fold increase in revenue during FY23, the company reported a more moderate year-on-year revenue growth of 16% for the fiscal year ending March 2024. With backing from the Nandan Nilekani family trust, IntrCity successfully lowered its losses by more than 52%, bringing them down to under ₹10 crore for FY24.
According to consolidated financial documents submitted to the Registrar of Companies, IntrCity’s operational revenue rose by 15.9%, amounting to ₹317.34 crore in FY24 compared to ₹273.9 crore in the previous fiscal year.
Core Services and Revenue Sources
IntrCity primarily operates through two essential platforms: SmartBus and RailYatri. The flagship service, IntrCity SmartBus, is specifically designed for long-distance bus travellers across India, while RailYatri enhances train journeys with functionalities such as ticket booking and meal ordering. Financial reports indicate that a substantial portion of commission income in FY24 was generated through partnerships with the Indian Railway Catering and Tourism Corporation (IRCTC). Notably, bus operations represented an impressive 93.8% of total revenues—growing by 16.9% to reach ₹297.71 crore this fiscal year—while commission earnings contributed ₹18.08 crore, along with advertising services generating an additional ₹1.55 crore.
Moreover, non-operating income from interest and gains on financial assets totalled ₹3.38 crore; when included, this boosted overall revenues to approximately ₹320.7 crore for FY24.
Expenditure Analysis and Trends
A detailed examination of expenditures reveals that the costs related to service delivery accounted for a significant portion—68.3%—of total expenses at ₹225.8 crore, marking an increase of approximately 14.2% compared to last year’s figure of ₹197.8 crore.
Operational maintenance costs rose by about 9%. Employee benefits remained relatively stable at around ₹36.85 crore, while marketing expenses amounted to ₹7.42 crore and an additional ₹3.9 crore was allocated towards commissions related to catering services and payment gateways. Consequently, total expenses surged by 9%, from ₹301.3 crore in the previous year to ₹330.6 crore in FY24.
Through effective cost management strategies, combined with strong revenue performance, the company managed to significantly reduce its losses by roughly 53%. Losses were registered at just below ₹10 million in contrast to previously reported figures nearing ₹21 million. Operating cash outflows also showcased remarkable improvement, declining substantially by nearly 70% during this timeframe, totalling approximately ₹6 million. By the end of March of the last fiscal cycle, accumulated losses stood at approximately ₹242 million.
Earnings Before Interest Taxes Depreciation Amortization (EBITDA) Margin Enhancement
In terms of profitability metrics, IntrCity significantly improved its EBITDA margin—by 459 basis points—achieving a -2.08% margin on operating activities during this period, with roughly ₹1.04 incurred per unit generated.
The company currently holds cash reserves amounting to almost ₹17.4 million, with total asset valuation estimated at around ₹41.2 million as per the latest reports available up to March.
Recent data compiled from various startup intelligence sources indicates that, since its inception, IntrCity has raised over $50 million through funding rounds, culminating in a valuation approximating ₹912 crore, which is roughly equivalent to $110 million, following their latest round concluded in February of this calendar year.
Within the online travel aggregator sector, MakeMyTrip continues to dominate based on overall revenue generated, while other notable competitors include Ixigo, EaseMyTrip, Yatra, and Cleartrip among others.
