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Funds invest $117 million in Route Mobile QIP

Global and domestic investor funds, including Steadview Capital Mauritius, PineBridge Global Fund and Kuber India Fund, have invested ₹867.49 crore ($116.8 million) through qualified institutional placement (QIP) in Route Mobile Ltd, the messaging and voice application programming interface company said in a regulatory disclosure.

“Several existing and new shareholders participated in the QIP, including Steadview Capital Mauritius Ltd, RBC Asia Pacific Ex-Japan Equity Fund, Kuber India Fund, HSBC Global Investment Funds, Asia Ex-Japan Equity Smaller Companies, Societe Generale–ODI and Verdipapirfondet DNB Global Emerging Markets,” the disclosure said.

Private equity investor PineBridge Global Funds (formerly AIG Capital) invested through multiple affiliates, including PineBridge Global Funds, PineBridge Asia Ex Japan Small Cap Equity Fund and PineBridge India Equity Fund.

“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,” said Rajdipkumar Gupta, managing director and group chief executive officer.

Route Mobile went public in September 2020 with bumper listing gains, following a ₹600 crore (around $80.8 million) initial public offering that was subscribed 73.3 times.

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