Nivaata Systems, which owns and operates employee transport management solutions platform Routematic, has bagged $2 million (Rs 14.8 crore) in an undisclosed funding round from German engineering and electronics firm Bosch.
The company will use the fresh capital to expand its mobility portfolio, according to a statement. The investment valued the Bengaluru-based startup at $28 million.
“It is our privilege to bring Bosch on board as an investor and a strategic partner as we continue innovating and solving for mobility. This partnership will enable us to build mobility products that are safe, efficient and sustainable,” Surajit Das, CEO, Routematic said.
In April last year, the company raised $2.5 million in a funding round, dubbed pre Series A, led by existing investors Naresh Malhotra, a serial entrepreneur and former chief executive of Café Coffee Day, and Vamm Ventures, based in Dubai.
Routematic has so far raised a total of $6.5 million, according to VCCEdge. Early-stage venture capital firm Blume Ventures and Harminder Sahni of Wazir Advisors have backed the company in the past.
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. Its solution offers route planning and fleet aggregation and dispatch platform.
In 2018, it added cab aggregation to its portfolio. Last year, the company entered the ride-hailing segment focusing on office-goers.
The company said it recently expanded its mobility portfolio to include large-format shuttle/bus-based transport for the workforce in manufacturing units.
Routematic is present in 16 cities and has over 80 customers with 1.5 lac users on its platform.
The firm directly competes with another office commute automation platform MoveInSync, which tracks vehicles in real time, records cab usage, and provides automated billing. The company’s cabs are hired by enterprise clients like Microsoft and Google, which also use the firm’s software to optimise routes. The company raised $8 million in a Series B round of funding led by Nexus Venture Partners. Inventus Capital Partners, Saama Capital and Qualcomm Ventures are also investors in the company.