Travel-tech platform IntrCity, which owns SmartBus and RailYatri, proved difficult to replicate in FY24. IntrCity posted a mere 16 percent increase in revenue compared to the prior fiscal year ending March 2024 after achieving a six-fold increase in FY23. However, this loss-making endorsement backed by the Nandan Nilekani family trust has sharply reduced 52 percent in losses to under Rs 10 crore in FY24.
According to the consolidated financial statements of the company with the Registrar of Companies, IntrCity increased its revenue from operations to Rs 317.34 crore during FY24 from Rs 273.9 crore in FY23, reflecting a 15.9 percent growth.
IntrCity provides web and mobile platforms under its brands, SmartBus and RailYatri, with flagship branding under IntrCity SmartBus for long-distance bus travel within India. RailYatri provides ticket booking and a meal ordering service for rail travel.
According to the filings, most of the commission revenue was earned from IRCTC during FY24.
The revenue collected from the bus operations amounted to 93.8 percent, which increased by 16.9 percent to Rs 297.71 crore during FY24. Also, it earned Rs 18.08 crore through commission and earned Rs 1.55 crore through advertisement services.
In addition, the interest and profit on financial assets brought in non-operating revenue of Rs 3.38 crore. This accounts for an overall increase in the revenue of the company to Rs 320.7 crore for FY24.
On the expense front, about 68.3 percent of the total expenses is made up by the cost of revenue that is direct expenses incurred for service distribution. In FY24, the cost underwent a 14.2 percent growth, thus touching Rs 225.8 crore from Rs 197.8 crore in FY23.
During FY 24, the travel-tech platform managed to widen its EBITDA margin by 459 BPS to -2.08 percent. More importantly, on a per unit basis, expanding IntrCity spent Rs 1.04 to earn operating revenue during the said period. Having a cash and bank balance of Rs 17.4 crore, IntrCity would end the fiscal year as the total assets stood at Rs 41.2 crore for the year ended March 2024.
As per a report from the data intelligent platform for startups TheKredible, IntrCity has so far accumulated over USD50 million in funding and was valued close to Rs 912 crore or USD110 million during its latest funding round in February this year.
Among online travel aggregator platforms, MakeMyTrip is the largest player in terms of revenue. Ixigo, EaseMyTrip, Yatra, and Cleartrip are also the key players in the segment.
