ETAutoBosch’s India unit has invested Rs 14.8 crore ($2 million) in urban mobility startup Routematic at a valuation of $28 million.
Bosch will acquire a 7.14% stake in Nivaata Systems, which runs Routematic and get a seat on the board of the tech startup, the German manufacturing and engineering firm said on Friday.
“We are working to increase our mobility use cases beyond the office commute segment,” he said.
This could cover last-mile deliveries or large format transport systems. The company is also in the process of expanding its operations outside India and is evaluating certain geographies in Latin America for various mobility use cases.
The partnership with Bosch, which works with several automobile Original Equipment Manufacturers globally is a strategic one, and both companies will collaborate in areas like the technology platform for deployment and dispatch as well as vehicle diagnostics.
In a statement to the stock exchanges, Bosch said that the acquisition would help ‘to expand business by participating in the vehicle life cycle value chain through various solutions in Mobility business’.
Routematic, which provides employee transportation software and solutions to large firms, saw a huge dip in business following the lockdown.
While demand has started trickling in, it is a fraction of pre-Covid-19 levels. In April 2019, Routematic raised $2.5 million in pre-Series A funding.
Bosch will acquire a 7.14% stake in Nivaata Systems, which runs Routematic and get a seat on the board of the tech startup, the German manufacturing and engineering firm said on Friday.
The funds will be used to expand the company’s portfolio and geographic presence, Surajit Das, CEO of Routematic told ET.
“We are working to increase our mobility use cases beyond the office commute segment,” he said.
This could cover last-mile deliveries or large format transport systems. The company is also in the process of expanding its operations outside India and is evaluating certain geographies in Latin America for various mobility use cases.
The partnership with Bosch, which works with several automobile Original Equipment Manufacturers globally is a strategic one, and both companies will collaborate in areas like the technology platform for deployment and dispatch as well as vehicle diagnostics.
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In a statement to the stock exchanges, Bosch said that the acquisition would help ‘to expand business by participating in the vehicle life cycle value chain through various solutions in Mobility business’.
Routematic, which provides employee transportation software and solutions to large firms, saw a huge dip in business following the lockdown.
While demand has started trickling in, it is a fraction of pre-Covid-19 levels. In April 2019, Routematic raised $2.5 million in pre-Series A funding.
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