With this funding, the company is aiming to establish itself as the biggest electric vehicle player in India in the next four quarters.
Bengaluru-based employee transportation startup Routematic has raised $2.5 Mn in a Pre Series A round led by Naresh Malhotra, former CEO of Coffee Day. Its existing investor VAMM ventures also participated in this round.
Inc42 reported that Routematic aims to provide a safer and comfortable employee transportation solution for companies and corporations in India. According to the startup, the recently raised funds will be utilised towards building electric vehicle-based smart city transportation network.
It said it will also deploy the funds for expanding operations, including but not limited to mass staff transportation, fleet marketplace and staffing. The investment will also serve the purpose of smart city urban mobility network by building out Routematic’s electric vehicle supply chain technology, which is likely to be licensed out to transport operators.
According to Routematic, it has an edge over others in the market thanks to its route optimisation and supply chain technology for daily commutes, investment in AI technologies and data-driven model for cities.
With this funding, the company is aiming to establish itself as the biggest electric vehicle player in India in the next four quarters. Routematic is also looking to channelise the investment towards strengthening its operations in Pune, Bengaluru, NCR, Hyderabad and Chennai over the year.