Route Mobile founders sell 10% stake to Shrem Group for USD 23M
Route Mobile Limited, one of the world’s leading messaging and voice API companies, recently announced its founders have sold a 10% stake in the company to privately-owned Shrem Group for USD 23 million. This transaction values the company at approximately USD 230 million.
Route Mobile had earlier announced plans to eventually go public along with a “string of pearls” acquisition strategy. The investment by Shrem Group creates a valuation benchmark and validates the enormous development potential of Route Mobile. This follows the exponential growth seen over the past few years during which the company regularly added marquee clients to their portfolio. It acquired Cellent Technologies and Defero Mobile in 2016 with the vision to expand global presence in the Asia Pacific region, Europe and the Middle East.
“On-boarding of a global investor not only establishes the untapped potential of growth in the messaging industry as a whole but is a testimony to Route Mobile’s strategy and vision in particular. It opens up opportunities within our investor’s network for business development in selected overseas geographies,” said Rajdip Gupta, Group CEO Route Mobile Limited. “We are looking forward to collaborate closely with the investor to create a global messaging giant based out of India, allowing us to offer greater value for our clients across all regions.”
Shrem Group is a privately-owned family business founded by brothers Nitan and Hitesh Chhatwal. The firm has a vested interest in real estate, finance, hospitality and healthcare. Previous investments include Perfect Engine Component Pvt. Ltd, which manufactures steel and valves used by the auto industry as well as Nanavati Hospitals based out of Mumbai.
Nitan Chhatwal, Founder of Shrem Group commented: “Capitalising on the Route Mobile Group is a step in Shrem Group’s strategy to further diversify into new age business. We feel Route Mobile’s business model is rather unique and has great potential.”