Communication platform Route Mobile raises Rs 867 crore via QIP

Route Mobile Ltd, a Communication Platform as a Service (CPaaS) provider, said it has raised Rs 867.49 crore via Qualified Institutional Placement (QIP).

The QIP saw interest from a mix of international and domestic investors and several existing and new shareholders participated in the QIP, a statement said.

Some of the largest investors in the QIP include Steadview Capital Mauritius Ltd, RBC Asia Pacific Ex-Japan Equity Fund, Kuber India Fund, Verdipapirfondet DNB Global Emerging Markets and Pinebridge Global Funds - Pinebridge Asia Ex Japan Small Cap Equity Fund, it added.

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"We are delighted with the participation of the new investors who have come on-board and continuing support of our existing investors, thereby ensuring a diversified and high-quality investment community base of Route Mobile. We will endeavour to deliver on their expectations in terms of business performance," Route Mobile Ltd Managing Director and Group CEO Rajdipkumar Gupta said.

The company has also closed the acquisition of Masivian S A S, Colombia, and that is now a step-down wholly-owned subsidiary of Route Mobile Limited, he added.

"We paid the first tranche of the total consideration of USD 49.04 million to consummate the acquisition. Masivian S A S will help us grow in Latin America and strengthen our presence in the region," he said.