Routematic Raises $40 Million in Series C Round
Routematic, a firm that focuses on identifying effective fleet management measures to automate transport, raised $40 million in a Series C round led by Fullerton Carbon Action Fund and Shift4Good.
Earlier, Routematic had around $6 million in investments from investors such as Blume Ventures, VAMM Ventures, and Bosch during 2015-2021. It had raised $2 million in November 2020 from Bosch Limited, at which time it valued the company at $28 million, though this valuation figure for now is unknown.
The firm intends to set up city-level command centers to maximize fleet operations according to demand and target the conversion of 30% of its fleet to electric vehicles (EVs) to meet clients' ESG goals.
Routematic offers a full range of corporate mobility solutions such as transport technology, transport as a service using its own fleet, and transport operations management. It is present in more than 23 cities of India with over 300 clients and 300,000 monthly users.
India's employee transportation industry is expected to grow to $13.2 billion by 2030, driven by business growth, employee needs, and green initiatives. Routematic plans to increase its corporate commute offerings and grow its fleet to more than 10,000 vehicles in the top five cities by March 2026.
Routematic is part of a wave of new startups that have recently raised funding after long dry spells. For example, ToneTag, which was backed by Amazon, raised money after seven years, while Cashfree and Zeta (equity) and Oxyzo (debt) raised money after three to four years.
Earlier, Routematic had around $6 million in investments from investors such as Blume Ventures, VAMM Ventures, and Bosch during 2015-2021. It had raised $2 million in November 2020 from Bosch Limited, at which time it valued the company at $28 million, though this valuation figure for now is unknown.
The firm intends to set up city-level command centers to maximize fleet operations according to demand and target the conversion of 30% of its fleet to electric vehicles (EVs) to meet clients' ESG goals.
Routematic offers a full range of corporate mobility solutions such as transport technology, transport as a service using its own fleet, and transport operations management. It is present in more than 23 cities of India with over 300 clients and 300,000 monthly users.
India's employee transportation industry is expected to grow to $13.2 billion by 2030, driven by business growth, employee needs, and green initiatives. Routematic plans to increase its corporate commute offerings and grow its fleet to more than 10,000 vehicles in the top five cities by March 2026.
Routematic is part of a wave of new startups that have recently raised funding after long dry spells. For example, ToneTag, which was backed by Amazon, raised money after seven years, while Cashfree and Zeta (equity) and Oxyzo (debt) raised money after three to four years.
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