RailYatri, the train ticketing platform, has secured funding of Rs 28.58 crore ($3.44 million) through a combination of equity and debt in a recent funding round led by Mirabilis Investment Trust. Other participants in the round include NRJN Family Trust, Omidyar Network, and Blacksoil.
The RailYatri board has approved special resolutions for the issuance of 26,663 Series C CCPS at a price of Rs 4,720 per share and 21,107 Series C CCPS at Rs 5,685 per share, totaling Rs 24.58 crore ($3 million). Additionally, the company issued 80 non-convertible debentures (NCDs) at Rs 5,00,000 per debenture, raising Rs 4 crore, according to regulatory filings with the Registrar of Companies.
Mirabilis Investment Trust led the funding round with an investment of Rs 12 crore. NRJN Family Trust, headed by Nandan Nilekani, and Omidyar Network contributed Rs 6.9 crore and Rs 5.69 crore, respectively. Blacksoil participated in the round with Rs 4 crore in debt funding.
RailYatri has previously raised Rs 13.5 crore from existing investors in the Series C round throughout 2022 and secured Rs 10 crore in debt from Alteria Capital during the same period. TheKredible estimates the company’s valuation post-funding to be around Rs 912 crore ($110 million).
The NRJN Family Trust is now the leading stakeholder in RailYatri with a 22.82% stake post-allotment. Omidyar Network holds approximately 15% of the shares, and co-founder Manish Rathi possesses a 13.12% share.
RailYatri’s revenue from operations experienced a significant increase, rising 2.3 times to Rs 273.7 crore during FY23 from Rs 117.2 crore in FY22. The company also managed to reduce its losses by 58.6%, decreasing from Rs 43.87 crore in FY22 to Rs 18.18 crore in FY23. The online travel aggregator provides train ticket information and intercity bus services, including the IntrCity SmartBus, operating on various routes across India. Additionally, RailYatri introduced a ‘flexi-ticket’ feature allowing users to make last-minute changes to their travel plans.