Manufacturing giant Bosch has invested Rs 148 million (Rs 14.8 crore) in Bengaluru-based B2B SaaS platform Routematic, according to a BSE filing.
The filing said, Investment in Nivaata Systems Private Limited up to 7.14 percent of the Capital on fully diluted basis, aggregating to an amount not exceeding Rs 148 million (Rs 14.8 crore).
In April 2019, Routematic had raised $2.5 million in pre-series A round of funding. The company is backed by Blume Ventures and VAMM Ventures.
Founded in 2013 by Surajit Das and Sriram Kannan, Routematic started as a transport automation solution provider. The platform operates on a SaaS model and offers cloud-based location tracking and vehicle management solutions to corporates.
By 2018, the startup transitioned into a full-fledged employee transportation company, adding fleet aggregation to its portfolio.
Routematic claims it is already servicing over 50,000 rides a month through 550 vehicles (350 in Pune and 200 in Bengaluru). By the end of this year, it looks to complete two lakh rides and operate a fleet of 2,000 vehicles. The startup doesn’t own any assets, and is only an aggregation platform. Some of the other startups in the space include - MoveInSync, HopOn, Unisys, and Cubito.
According to the company, all vehicles are equipped with alarms and SoS buttons, and client organisations are immediately alerted on the tracking software in case of any incident.
This is one of the rare cases that a mobility startup has raised funding during the pandemic. According to a McKinsey report, the traditional automotive sector is likely to produce 7.5 million fewer vehicles in 2020 – an impact being attributed to the pandemic.
There has been a whopping 70 to 90 percent drop in the number of riders across major cities in the world. The report added there has been a decline of up to 70 percent by most ride hailing companies.
Edited by Megha Reddy
Link : https://yourstory.com/2020/11/funding-alert-bosch-routematic-mobility-startup-b2b
Author :- Sindhu Kashyaap ( )
November 06, 2020 at 04:47PM
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