New Delhi, May 7 -- Routematic, a corporate transport software provider and cab aggregator, said on Wednesday that it has secured $40 million (Rs 338 crore) in a Series C funding round led by Fullerton Carbon Action Fund and Shift4Good.
The company is now valued at Rs 1,000 crore ($110 million), a person familiar with the matter told VCCircle.
The funding round comes nearly four years after the Bengaluru-based startup received backing from German auto component maker Bosch, which valued the company at $28 million (Rs 236 crore) in 2020. The fresh infusion comes amid a surge in demand for employee commute solutions, driven by many international companies setting up their global capability centers (GCC) and the need for corporate staff transportation.
Climate-tech investment banking firm Ostara Advisors served as the sole financial advisor to Routematic for the transaction.
Founded in 2013 by Kavitha Ramachandragowda and Sriram Kannan, Routematic offers mobility solutions for daily office commutes and shift-based transportation. The company claims to be operational in more than 23 cities across India, serving over 300 corporate clients and reaching 300,000 monthly users.
"This investment will enable us to capitalize on the growing demand and further strengthen our leadership in sustainable corporate mobility," Kannan said in a statement.
Between 2015 and 2021, Routematic raised $6 million across earlier investment rounds led by Blume Ventures, VAMM Ventures, and Bosch.
Routematic said it aims to scale its corporate commute services and expand its fleet to over 10,000 vehicles across India's top five cities by March 2026. The next growth phase will include setting up city-level command centers that will enable demand-responsive fleet management at scale.
Additionally, Routematic aims to transition 30% of its fleet to electric vehicles, aligning with clients' environmental, social and governance (ESG) goals.
As per VCCEdge, the data research platform of VCCircle, the company's revenue jumped 61% to Rs 116.2 crore in the year ended March 2024 from Rs 71.7 crore the preceding year. Meanwhile, Routematic narrowed its losses to Rs 68 lakh in FY24 from Rs 6.6 crore in the previous year.
Published by HT Digital Content Services with permission from VC Circle.