Participated · Equity · Nov 2025

TABP Snacks & Beverages is a fast-growing FMCG challenger that formulates and bottles a range of non-alcoholic beverages aimed at the value-conscious ‘Bharat’ consumer. Focused on closing the gap between taste, hygiene and affordability, the company distributes its drinks across Tier-II towns, industrial belts and rural markets where organised players have limited reach. It reported sales of ₹212 crore in FY24-25, up sharply from just ₹4 crore in FY19, and management targets revenue of over ₹800 crore within the next three years. Proceeds from its latest fund-raise will be used to deepen distribution in southern and eastern India, introduce new beverage formats and expand manufacturing capacity. Over the longer term, TABP plans pan-India expansion and is exploring a potential public listing. Regional familiarity, a bottom-up distribution model and differentiated flavour offerings are positioned as key competitive advantages against raw-material and rural‐logistics challenges.

Participated · Equity · Feb 2020

IntrCity operates an asset-less, technology-driven inter-city bus network branded as SmartBus, offering safe and standardized long-distance travel across more than 630 routes in 15 Indian states. Its proprietary tech stack—comprising an operator dashboard, crew app and IoT-enabled fleet analytics—enables real-time tracking, predictive maintenance, dynamic route management and centralized journey monitoring. The company’s companion product, RailYatri, simplifies train ticket booking and provides travel insights to over 12 million monthly users. IntrCity is growing organically and profitably, expecting to sustain 50% year-over-year growth and aiming to double its bus fleet while targeting ₹1,000 crore in turnover next year. Management plans to deepen coverage in Tier-II and Tier-III cities and further improve customer experience and operational excellence. By streamlining a traditionally fragmented sector, IntrCity positions itself as a category-defining leader in India’s rapidly expanding outstation travel market.

Led · Equity · Feb 2020

RailYatri operates an online train ticketing and travel-aggregation platform and runs the IntrCity SmartBus intercity bus service on routes such as Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad and Chennai–Coimbatore. The company has added customer-facing features such as a “flexi-ticket” that lets users change plans when train reservations are unavailable. RailYatri combines ticketing and mobility services (train and bus) as its core product offering. In FY23 the company’s operating revenue rose 2.3x from Rs 117.2 crore to Rs 273.7 crore, and losses narrowed 58.6% to Rs 18.18 crore from Rs 43.87 crore in FY22. The company reported increased scale alongside the revenue growth. Ownership after the round shows NRJN Family Trust with 22.82%, co-founder Manish Rathi with 13.12%, and Omidyar Network with roughly 15% of the company. RailYatri is an Indian travel startup. The company has raised about $11 million (Rs 80 crore) in a fresh funding round. The round was led by Entrust Family Office (NRJN Family Services). The article does not provide details on the company’s product specifics, operating metrics, or future plans. No additional investors or financing instrument details were disclosed in the report.