AI-powered corporate transport-as-a-service company Routematic has secured USD 40 million (~INR 342 crore) in a Series C funding round, co-led by Fullerton Carbon Action Fund and Shift4Good, bolstering the company’s mission to revolutionize sustainable employee mobility in India’s rapidly growing urban centers.
Founded in 2013 by Sriram Kannan and Kavitha Ramachandragowda, Routematic is already a leading name in B2B commute solutions, serving over 300 corporate clients across 23 Indian cities, and facilitating 5 million trips each month for more than 3,00,000 employees. The new funding injection marks a major leap forward in the company’s long-term strategy to scale operations, transition towards electric mobility, and inch closer to a potential public listing (IPO).
“This kind of sustainability-focused funding, backed by two global giants, enables us to scale our proprietary AI platform—built over 12 years—well beyond its current capabilities,” said Sriram Kannan, CEO of Routematic. “We call it moving from the lab to the factory.”
Command Centres and EV Transition
A big chunk of the new capital will be used to expand Routematic’s presence across India’s top 5 cities—Bengaluru, Pune, Hyderabad, Delhi-NCR and Chennai—with a target of 10,000+ vehicles by March 2026.
As part of its growth strategy, the company is setting up city-level Routematic Operations and Command Centres (ROCs) in key cities. These centralized hubs will support real-time, demand-responsive fleet management, enhancing operational efficiency and offering enterprises tighter cost controls.
At present, fully operational ROCs are live in Bengaluru, Pune, and Hyderabad, with rollouts underway in Delhi-NCR and Chennai. The company emphasized that these centers are critical to its tech-led approach, using AI for dynamic routing, supply-demand matching and compliance automation.
Routematic also plans to convert 30% of its fleet to electric vehicles (EVs) by 2026. This is in line with its clients’ Environmental, Social and Governance (ESG) goals and India’s push towards de-carbonized mobility. “We don’t want to own the vehicles,” said Ramachandragowda, co-founder and executive director, “but we will facilitate our driver-partners and explore partnerships, including with EV-based companies like BluSmart.”
Financials, Market Opportunity, and IPO Ambitions
The Series C round takes Routematic’s total capital raised to INR 388 crore, including INR 46 crore from Blume Ventures, Bosch and VAMM Ventures between 2015 and 2021. The company was valued at USD 110 million (~INR 941 crore) in this round, up from USD 28 million (INR 240 crore) in 2020.
Financially, the company expects to close FY25 with INR 180 crore in revenue, a 50% year-on-year growth and EBITDA margin of 1-2% and a net loss of 1-2%.
According to Routematic, India’s employee transport market—valued at USD 6.1 billion in 2023—is expected to more than double to USD 13.2 billion by 2030 driven by growth of Global Capability Centres (GCCs), corporate return-to-office mandates and emphasis on employee well-being.
“This is the right time to consolidate and scale,” said Kannan, who confirmed the company is already preparing for a IPO. “This round helps us expedite our journey toward becoming a public company, by reinforcing both our tech infrastructure and service delivery model.”
Industry Outlook
Routematic operates in a competitive space, facing off with players like WTicabs and MoveInSync. What sets it apart, investors say, is its full-stack hybrid model—a blend of SaaS-based transport management software and Transport-as-a-Service (TaaS) using its own and managed fleets.
“Routematic has built what many only talk about—a truly intelligent, scalable platform that delivers measurable ESG outcomes,” said Sebastien Guillaud, Co-founder and Managing Partner at Shift4Good.
Huck Khim Tan, Deputy CIO at Fullerton, echoed the sentiment: “They’ve shown how an AI-first approach can drive profitability, operational efficiency, and decarbonization at scale. That’s a rare trifecta in mobility.”
With 550 employees and expanding infrastructure, Routematic is poised to redefine how Indian enterprises approach employee transport in the era of sustainability and smart city mobility. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.