Routematic, a transport software provider and a cab aggregator for enterprises, said it has raised $2.5 million (Rs 17.4 crore at current exchange rate) in a pre-Series A round led by existing investors Naresh Malhotra, a serial entrepreneur and former chief executive of Café Coffee Day, and Vamm Ventures, based in Dubai.
In a statement, Routematic said that, with the funding, it plans to expand its operations and build its electric vehicle supply chain technology.
“Over time we have increased revenue per asset for our cab 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 allows us to execute at sub-1% variation to projections,” said Surajit Das, co-founder and chief executive, Routematic.
Co-founded by Indian School of Business (ISB) alumnus Das and software engineer Sriram Kannan in 2013, Routematic initially operated as a software-as-a-service model offering cloud-based location tracking and vehicle management system to large enterprises in the information technology (IT) and financial sectors. In 2018, it added cab aggregation to its portfolio.
Owned by Nivaata Systems Pvt. Ltd, Routematic operates in Pune, Bengaluru, NCR-Delhi (National Capital Region), Hyderabad and Chennai. It aims to enable an electric vehicle-based transport ecosystem in these markets.
Routematic will foray into the ride-hailing segment focusing on office-goers in Bengaluru and Pune.
Backed by Vamm Ventures and early-stage venture capital firm Blume Ventures, Routematic said it has so far raised a total of $4.5 million.
The firm directly competes with another office commute automation platform MoveInSync, which tracks vehicles in real time, records cab usage, and provides automated billing.
MoveInSync last raised $8 million (Rs 52 crore) in a Series B round of funding in April 2018, led by homegrown venture capital firm Nexus Venture Partners.