India-based AI-powered corporate mobility startup Routematic on Wednesday said it has raised $40 million in a Series C round led by Temasek-backed Fullerton Carbon Action Fund and Shift4Good.
Routematic provides a full-stack corporate commute serving over 300 corporates across 23 cities in India.
India’s employee transportation market is expected to reach $13.2 billion by 2030, the firm said, adding that it aims to capitalise on this momentum by scaling its corporate commute services, with plans to expand its fleet to over 10,000 vehicles across the top five cities by March 2026.
The company also aims to electrify 30% of its fleet, supporting India’s broader green mobility targets.
Routematic had earlier raised about $6 million over previous investment rounds led by Blume Ventures, VAMM Ventures, and Bosch between 2015 and 2021. The company recently expanded operations by launching a third command centre in Hyderabad, along with existing hubs in Bengaluru and Pune.
Its next phase focuses on establishing city-level command centres, which will enable demand-responsive fleet management at scale, enhancing the employee commute experience while significantly reducing transportation costs for enterprises, the firm said.
Carbon and climate tech have come under the spotlight for fund managers, as global pressure for new and urgent solutions to slow global warming continues to intensify. This has renewed the call for committed and collective action, particularly among the world’s policymakers, regulators, and capitalists.
Fullerton Carbon Action Fund is managed by Fullerton Fund Management, part of Seviora Group, an independent asset management group owned by Temasek Holdings. Some sectors that fall in Fullerton’s carbon fund mandate will include EVs, renewable energy, infrastructure and agriculture solutions.
Shift4Good is an impact venture capital fund with €220 million in assets under management, focused on the decarbonisation of the transportation sector.
Other players in the mobility space in India include Greaves Electric Mobility, GreenLine Mobility, Ather Energy, and Transvolt Mobility Limited.
