Route Mobile sells 10% stake to Shrem Group in $23m deal
Shrem Group has acquired a 10% stake in messaging and voice API firm Route Mobile for $23 million.
Shrem, which is a privately owned investment firm founded by brothers Nitan and Hitesh Chhatwal, has interests across real estate, finance, hospitality and healthcare.
It invested in Route Mobile, which provides enterprises, aggregators, resellers and mobile operators worldwide with tailored mobile technology solutions, as part of plans to diversify into new sectors, including telecoms.
Nitan Chhatwal said: “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.”
The sale of the 10% stake is part of a long-term plan that will see Route Mobile eventually go public. The firm, which is based in India, also has a long term “string of pearls acquisition strategy and a roadmap that includes expansion to new markets.
In 2016, it acquired Cellent Technologies and Defero Mobile, expanding its messaging services to 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.
“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.”