Transport solutions company Routematic raises $2.5 Million in Pre Series A round
Routematic, fleet service and transport automation software provider, has raised USD 2.5 Million in a Pre Series A round from its existing investor VAMM ventures.
Routematic, fleet service and transport automation software provider, has raised USD 2.5 Million in a Pre Series A round from its existing investor VAMM ventures. Naresh Malhotra, a serial entrepreneur and ex-Coffee Day CEO led the funding for the company. With the latest round of funds, the company stands with a total raised capital of USD 4.5 Million and plans to establish itself as the biggest EV player in the country in the next 4 quarters.
Routematic from Nivaata Systems, which is an Urban Mobility company, provides employee transportation solutions to India Inc. The recently raised funds will enable the company to expand its operations, which include staff transportation, fleet marketplace and staffing. The investment will also serve the purpose of smart city urban mobility network by building out Routematic’s Electric Vehicle supply chain technology.
Commenting on the fundraising, Mr. Surajit Das, Co-founder and CEO, Routematic said, “We are pleased to announce our continued association with Naresh Malhotra, who has played a significant role in our growth and will continue to do so in future. There are other investors too who have funded us for our strong unit economics of the business and commitment to delivering value to the entire ecosystem – cost savings and efficiency improvement to our customers. Over time we have increased revenue per asset to our fleet marketplace members and have more than doubled the revenues in the last 12 months. We are extremely capital efficient, as is evident in our data models, which allow us to execute at sub 1% variation to projections.”
Malhotra said, “The founders have put together a very impressive team. Strong growth, solid unit economics and execution precision, they have been ticking all 3 boxes consistently. Their customers have been seeing significant value in the form of improved operational metrics, significant efficiency improvements and cost savings.
Watch Zee Business Live TV here:
Channelising the funding towards its presence in Pune, Bangalore, NCR, Hyderabad and Chennai for the next 12 months, Routematic also plans to strengthen its pole position in these five core markets. Doing so, the company aims to enable the EV based transportation ecosystem in these markets. A significant portion of the funds will also be deployed towards building India’s first EV centric smart city transportation network.
Ajay Malhotra (VAMM Ventures) said, “This is the only way to decongest roads and change over to greener transportation networks and have happy commuters and cities. Routematic is a pioneer in smart transportation networks. Its target market is both simple and sizable. The average commuter takes 14 trips a week of which 10 are commute to/from work and Routematic is solving for these 10 trips!”
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.