Routematic raises $2 million from Bosch
1 min read 06 Nov 2020, 10:12 PM ISTBosch decided on the investment in Routematic in a board meeting held on Friday
PremiumBengaluru: Routematic (Nivaata Systems Pvt Ltd), an urban mobility startup that helps augment corporate transportation, has raised a fresh round of funding from Bosch Ltd, the German auto-parts maker.
Bosch decided on the investment in Routematic in a board meeting held on Friday.
“Investment in Nivaata Systems Private Limited (Routematic) up to 7.14% of the Capital on fully diluted basis, aggregating to an amount not exceeding Rs. 148 Million ( ₹14.8 crore or $2 million)," Bosch said in a stock exchange filing.
Routematic raised the funding from Bosch at a valuation of $28 million.
The fresh funding, Routematic said, would be used to expand its portfolio and geographic presence.
Routematic had earlier raised $2.5 million in pre-series A funding from existing investors, VAMM Ventures and former Café Coffee Day chief executive officer Naresh Malhotra.
Though the covid-19 induced lockdown has hit mobility startups hard, the sector has shown some signs of revival including in rentals and other services, operators say.
Though most offices have continued to extend work from home (WFH) options to its employees, organisations have initiated measures to resume offices in a staggered manner.
Routematic is present in 16 cities and has over 80 customers including Infosys, Tech Mahindra, Cisco, Flipkart and Unisys among others, the company said.
In a statement, Routematic said that it had added several covid-19 related features like contact tracing, social radius support, zone-based routing in the product at the beginning of the pandemic and was operational for a few of its customers during the strict lockdown period without a single positive case.
"It is a good validation of our hypothesis that supply in urban mobility has to be designed around demand from office commuters and then building out for other use cases. We will use this investment to expand our portfolio of mobility use cases and geographical footprint, " Surajit Das, CEO, Routematic said in a statement on Friday.
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