Routematic Raises $40 Million to Expand AI-Driven Ride Services
Routematic, a business-to-business ride services company, has raised $40 million in a funding round led by Fullerton Carbon Action Fund and Shift4Good. This strategic investment will accelerate the company's growth and expedite its journey toward a public listing. Senior company officials confirmed the funding development on Wednesday.
Expansion Plans and AI-Powered Fleet Optimization
The raised capital will enable Routematic to strengthen its business operations, particularly in optimizing employee commute management through AI-powered technology. The company's platform effectively manages transportation by enhancing fleet efficiency and optimizing service routes for employees from different corporations based on demand.
Operating in 23 cities in India, Routematic plans to expand into international markets and grow further in top Indian cities. The key target market areas are Bangalore, Pune, Hyderabad, Chennai, and Delhi NCR.
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Strategic Growth Focus and Financial Outlook
Routematic is planning to set up city-level command centers to oversee fleet operations at scale. Routematic is also in talks with electric vehicle companies, such as BluSmart, to increase driver partner network.
As the firm looks to growth in the future, it is looking to achieve a 50% jump in revenues in the fiscal year 2024-25, with an expected total of INR 180 crore—compared to INR 116 crore during the last fiscal year.
