Bengaluru, May 27 -- IntrCity SmartBus, a Noida-based bus operator, is looking to raise as much as $70 million in Series D fundraising from existing and new investors to fuel its expansion, said three people familiar with the developments.

Growth-stage venture capital firm A91 Partners, which has invested in startups such as Sugar Cosmetics, Blue Tokai Coffee Roasters, and beverage maker Paper Boat, is likely to pick up a 15-20% stake in IntrCity SmartBus, they said.

"The specifics of the deal are still being worked out. There is considerable interest so more investors may join the round," one of them said.

The Series D fundraising round will result in a higher valuation for IntrCity SmartBus, which is currently estimated to be worth a...