Route Mobile Limited raises fresh capital – ₹ 8,674.98 million through Qualified Institutional Placement (‘QIP’)
Mumbai: Route Mobile Limited (“Route Mobile”), one of the leading CPaaS (Communication Platform as a Service) providers to enterprises, over-the-top (“OTT”) players, and mobile network operators, announced that it has successfully raised ₹ 8,674.98 million via Qualified Institutional Placement (“QIP”).
The QIP saw interest from a mix of international and domestic investors. Several existing and new shareholders participated in the QIP and some of the largest investors in the QIP includes Steadview Capital Mauritius Limited, RBC Asia Pacific Ex-Japan Equity Fund, Kuber India Fund, HSBC Global Investment Funds – Asia Ex Japan Equity Smaller Companies, Societe Generale – ODI, Verdipapirfondet DNB Global Emerging Markets, Pinebridge Global Funds – Pinebridge Asia Ex Japan Small Cap Equity Fund, Pinebridge Global Funds – Pinebridge India Equity Fund.
On the successful completion of the QIP, Rajdipkumar Gupta, Managing Director and Group CEO said “We are delighted with the participation of the new investors who have come on-board and the continued support of our existing investors, thereby ensuring a diversified and high quality investment community base of Route Mobile. We will endeavor to deliver on their expectations in terms of business performance”. He further added, “We have also closed the acquisition of Masivian S.A.S., Colombia, and are pleased to announce that Masvian S.A.S. is now a step-down wholly owned subsidiary of Route Mobile Limited (w.e.f. November 11, 2021). We paid the first tranche of the total consideration of $49.04 million to consummate the acquisition. Masivian S.A.S. will help us grow in Latin America and strengthen our presence in the region.”