Nivaata Systems Pvt. Ltd, which operates the daily commute-focussed urban mobility startup Routematic, has raised $2 million (Rs 14.83 crore at current exchange rates) in funding.
Bengaluru-based Routematic raised this capital from Bosch Ltd, the Indian arm of the German auto components maker Robert Bosch GmbH. Per a filing by Bosch, it will hold a 7.14% stake in Routematic on a fully diluted basis.
This investment values the startup at $28 million, Routematic said in a statement.
Routematic was set up in 2013 by Indian School of Business alumnus Surajit Das and software engineer Sriram Kannan.
The company says it aims to make safe and reliable daily commute options available for all, while reducing global carbon footprint. Its platform uses features such as route planning and fleet aggregation to leverage both demand- and supply-side capabilities.
It will use the capital it has raised to build out its suite of mobility products, said Das, who is also its CEO.
“Routematic will play a central role in determining how big cities handle problems like traffic congestion and environmental issues,” he said, adding that the investment by Bosch was also proof of its business hypothesis.
The company has a presence in 16 cities and says it has over 80 customers with more than 1.5 lakh users on its platform.
This fundraise comes after Routematic raised $2.5 million in April last year as part of its pre-Series A round of funding. The round was led by existing investors Vamm Ventures and Naresh Malhotra, a serial entrepreneur and former chief executive of Café Coffee Day.
According to VCCEdge, the data research arm of Mosaic Digital, other investors in Routematic include Blume Ventures and some angel investors. The company reported net sales of Rs 26.83 crore for the 2018-19 financial year, with losses of Rs 4.13 crore.