16 April 2019, India:
Transport automation software provider Routematic has raised $2.5 million in a pre-Series A round of funding from its existing investor VAMM ventures.
Naresh Malhotra led the funding for the company.
With the latest round of funds, the company stands with a total raised capital of $4.5 million and plans to establish itself as the biggest EV player in the country in the next 4 quarters the company.
The company will use the fresh capital to expand its operations, which include staff transportation, fleet marketplace and staffing.
Mr. Surajit Das, Co-founder and CEO, Routematic, said, “We are pleased to announce our continued association with Naresh Malhotra, who has played a significant role in our growth and will continue to do so in future. There are other investors too who have funded us for our strong unit economics of the business and commitment to delivering value to the entire ecosystem – cost savings and efficiency improvement to our customers.”
Mr. Surajit Das, added, “Over time we have increased revenue per asset to our fleet 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 allow us to execute at sub 1% variation to projections.”
Naresh Malhotra, said, “The founders have put together a very impressive team. Strong growth, solid unit economics and execution precision, they have been ticking all 3 boxes consistently. Their customers have been seeing significant value in the form of improved operational metrics, significant efficiency improvements and cost savings.”
Ajay Malhotra (VAMM Ventures), said, “This is the only way to decongest roads and change over to greener transportation networks and have happy commuters and cities. Routematic is a pioneer in smart transportation networks. Its target market is both simple and sizable. The average commuter takes 14 trips a week of which 10 are commute to/from work and Routematic is solving for these 10 trips!”
(Image – RouteMatic)