In a win for ground transportation this week, India-based IntrCity SmartBus and Amsterdam-based Dott have both raised significant funding.
Dott, a micromobility company, sold €70 million in senior secured floating rate bonds in the Nordic market, which is part of a €150 million bond framework. The company is also raising €15 million in preferred equity as an extension of its Series D funding round.
The company said this “marks a major step forward in the company’s growth and profitability journey,” and capital will be put towards adding new e-bikes and e-scooters, refinancing debt and “general corporate purposes.”
“We are very satisfied with the strong reception from the Nordic bond market and the continued support of our shareholders, reflecting confidence in our solid post-merger operational performance and disciplined financial management,” said Raoul Gatzen, group CFO of Dott.
“This issuance further strengthens our balance sheet, extends our debt maturity profile and supports our FY2026 profitable growth plans as we renew our fleet across key European cities within our existing footprint.”
In early 2024, Dott merged with fellow micromobility company Tier in a deal backed by €60 million from existing investors. Tier announced $200 million in Series D funding in late 2021, while Dott added $70 million in funding in early 2022, bringing its Series B round to over $150 million.
Since the merger, the company has cited improvements in user engagement and use of its prepaid ride packages. Dott now operates in over 400 cities and 21 countries across Europe, the Middle East and Africa.
IntrCity SmartBus funding
In other news, tech-enabled intercity bus aggregator IntrCity SmartBus raised $30 million in a Series D round to fund expansion. Co-founder and president Kapil Raizada shared the news on LinkedIn.
As TechCrunch reported, the capital will be used to expand IntrCity SmartBus’ network across smaller cities and towns in India. The round was led by A91 Partners.
Dharmesh Kumar, assistant vice president of business and operations at IntrCity SmartBus, also commented on the funding round on LinkedIn.
“Having been part of this journey since its inception over seven years ago, it’s truly inspiring to see how far we’ve come. From a bold idea to transform the way India travels to now being a trusted bus travel platform connecting millions across the country, the growth and impact have been nothing short of remarkable,” he wrote.
“Excited for what lies ahead as we continue to scale, transform and make an even greater impact in our industry.”
IntrCity was launched by RailYatri in 2019, when the company sought to expand to bus transportation. In 2020, RailYatri raised almost $14 million to grow the IntrCity SmartBus network.