Routematic raises USD 2mn from Bosch

The Blume Ventures-backed firm plans to use the funding to expand its portfolio of mobility use cases and geographic presence, a statement said. Previously, Routematic had raised USD 4.5 million, and with the latest infusion, the total capital raised by Routematic stands at USD 6.5 million.

Routematic on Monday said it has raised USD 2 million (about Rs 14.8 crore) in funding from Bosch, valuing the urban mobility startup at USD 28 million. The Blume Ventures-backed firm plans to use the funding to expand its portfolio of mobility use cases and geographic presence, a statement said.

Previously, Routematic had raised USD 4.5 million, and with the latest infusion, the total capital raised by Routematic stands at USD 6.5 million. In April last year, Routematic had announced raising USD 2.5 million in a pre-series funding led by Naresh Malhotra, former CEO of Coffee Day, in 2019 with participation from existing investor, VAMM Ventures.

"Routematic will play a central role in determining how big cities handle problems like traffic congestion and environmental issues. This partnership will enable us to build mobility products that are safe, efficient and sustainable," Routematic CEO Surajit Das said. This investment is a good validation of our hypothesis that urban mobility should be solved using multi-form supply designed around demand from office commuters and then building out for other use cases, he added.

"The Routematic-BOSCH partnership will generate a lot of synergies and accelerate mobility innovations," Das said. Routematic recently expanded its mobility portfolio with the launch of large-format shuttle/bus-based transport for the workforce in manufacturing units, augmented with a suite of COVID-19 protection and shopfloor solutions such as contact tracing, and social distancing tools.

Routematic's urban mobility solution for daily office commute helps companies with round the clock employee shifts, augment their transport service experiences. Its platform handles route planning, fleet aggregation and dispatch. The company is present in 16 cities and has over 80 customers with 1.5 lakh users on its platform..