Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹3,321Cr
Rev Gr TTM
Revenue Growth TTM
0.78%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ROUTE
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 61.1 | 32.7 | 19.9 | 3.9 | 0.8 | 14.1 | 9.7 | 15.6 | 15.5 | -4.8 | 0.5 | -6.5 |
| 877 | 840 | 886 | 899 | 892 | 980 | 978 | 1,054 | 1,053 | 957 | 983 | 961 |
Operating Profit Operating ProfitCr |
| 13.1 | 13.2 | 12.6 | 12.2 | 12.3 | 11.2 | 12.2 | 11.0 | 10.4 | 8.9 | 12.1 | 13.2 |
Other Income Other IncomeCr | 15 | 11 | 4 | 35 | 13 | 11 | 39 | 9 | -13 | 11 | -109 | 13 |
Interest Expense Interest ExpenseCr | 5 | 7 | 7 | 6 | 8 | 9 | 14 | 9 | 8 | 6 | 2 | 1 |
Depreciation DepreciationCr | 21 | 21 | 21 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 23 | 23 |
| 120 | 110 | 104 | 132 | 109 | 103 | 137 | 107 | 79 | 77 | 2 | 135 |
| 16 | 19 | 15 | 18 | 14 | 22 | 30 | 21 | 19 | 18 | 21 | 33 |
|
Growth YoY PAT Growth YoY% | 119.4 | 29.0 | 21.6 | 33.1 | -8.5 | -11.5 | 21.1 | -24.8 | -36.6 | -27.6 | -117.6 | 20.0 |
| 10.3 | 9.5 | 8.7 | 11.1 | 9.4 | 7.4 | 9.6 | 7.2 | 5.1 | 5.6 | -1.7 | 9.3 |
| 16.3 | 14.8 | 14.2 | 16.9 | 14.1 | 12.5 | 16.1 | 13.1 | 9.0 | 8.4 | -3.4 | 15.5 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 10.3 | 67.3 | 13.2 | 47.0 | 42.4 | 78.3 | 12.7 | 13.7 | -2.7 |
| 377 | 433 | 758 | 856 | 1,232 | 1,783 | 3,125 | 3,512 | 4,048 | 3,954 |
Operating Profit Operating ProfitCr |
| 17.6 | 14.2 | 10.2 | 10.4 | 12.4 | 10.9 | 12.4 | 12.7 | 11.5 | 11.2 |
Other Income Other IncomeCr | 7 | 5 | 8 | -3 | 16 | 20 | 39 | 57 | 28 | -97 |
Interest Expense Interest ExpenseCr | 1 | 6 | 12 | 5 | 3 | 5 | 20 | 27 | 41 | 18 |
Depreciation DepreciationCr | 5 | 12 | 17 | 23 | 26 | 38 | 82 | 86 | 89 | 90 |
| 81 | 57 | 65 | 69 | 162 | 195 | 382 | 455 | 426 | 293 |
| 21 | 10 | 10 | 11 | 29 | 25 | 48 | 66 | 92 | 90 |
|
| | -21.3 | 16.8 | 4.9 | 128.1 | 28.1 | 95.8 | 16.7 | -14.1 | -39.3 |
| 13.2 | 9.4 | 6.6 | 6.1 | 9.4 | 8.5 | 9.3 | 9.7 | 7.3 | 4.5 |
| 12.1 | 9.7 | 11.4 | 10.6 | 24.8 | 27.8 | 52.3 | 60.0 | 50.7 | 29.6 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 50 | 50 | 50 | 50 | 58 | 63 | 62 | 63 | 63 | 63 |
| 77 | 121 | 173 | 219 | 594 | 1,610 | 1,758 | 2,087 | 2,369 | 2,464 |
Current Liabilities Current LiabilitiesCr | 69 | 246 | 259 | 346 | 355 | 661 | 783 | 1,035 | 1,295 | 741 |
Non Current Liabilities Non Current LiabilitiesCr | 4 | 7 | 7 | 12 | 18 | 323 | 274 | 266 | 67 | 60 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 150 | 220 | 282 | 404 | 770 | 1,669 | 1,787 | 2,130 | 2,736 | 2,392 |
Non Current Assets Non Current AssetsCr | 51 | 204 | 205 | 221 | 252 | 990 | 1,099 | 1,342 | 1,090 | 976 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -60 | 28 | 23 | 98 | 222 | 135 | 73 | -98 | 602 |
Investing Cash Flow Investing Cash FlowCr | -11 | -130 | -5 | 0 | -226 | -838 | 112 | -2 | -260 |
Financing Cash Flow Financing Cash FlowCr | 14 | 46 | -17 | -67 | 211 | 824 | -108 | 158 | -34 |
|
Free Cash Flow Free Cash FlowCr | -74 | 22 | 25 | 91 | 214 | 117 | 35 | -133 | 583 |
| -99.0 | 59.1 | 41.1 | 169.2 | 167.3 | 79.1 | 22.0 | -25.1 | 180.4 |
CFO To EBITDA CFO To EBITDA% | -74.4 | 39.3 | 26.4 | 98.5 | 127.6 | 61.5 | 16.5 | -19.1 | 114.2 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 0 | 0 | 8,141 | 9,717 | 8,534 | 10,055 | 5,869 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 61.1 | 58.3 | 26.1 | 26.8 | 18.4 |
Price To Sales Price To Sales | 0.0 | 0.0 | 0.0 | 0.0 | 5.8 | 4.8 | 2.4 | 2.5 | 1.3 |
Price To Book Price To Book | 0.0 | 0.0 | 0.0 | 0.0 | 12.5 | 5.8 | 4.7 | 4.7 | 2.4 |
| -1.2 | -0.3 | -0.2 | -0.5 | 44.2 | 39.8 | 17.6 | 18.9 | 9.5 |
Profitability Ratios Profitability Ratios |
| 28.9 | 32.5 | 21.0 | 20.1 | 19.7 | 20.9 | 22.0 | 21.4 | 20.8 |
| 17.6 | 14.2 | 10.2 | 10.4 | 12.4 | 10.9 | 12.4 | 12.7 | 11.5 |
| 13.2 | 9.4 | 6.6 | 6.1 | 9.4 | 8.5 | 9.3 | 9.7 | 7.3 |
| 56.9 | 25.0 | 25.6 | 23.1 | 24.4 | 11.9 | 20.5 | 19.1 | 16.1 |
| 47.6 | 27.8 | 24.9 | 21.6 | 20.4 | 10.2 | 18.3 | 18.1 | 13.7 |
| 30.1 | 11.2 | 11.4 | 9.3 | 13.0 | 6.4 | 11.5 | 11.2 | 8.7 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Route Mobile Limited (RML), established in 2004 and headquartered in Mumbai, India, is a global leader in cloud communications, operating as a **Communications Platform-as-a-Service (CPaaS)** provider. It serves enterprises, over-the-top (OTT) platforms, and mobile network operators (MNOs) across diverse sectors including BFSI, e-commerce, healthcare, government, retail, and logistics. Since its full integration into **Proximus Global** in early 2025, Route Mobile has evolved into one of the world's largest CPaaS providers by messaging volume, now positioned as a **top-three global player**.
---
### **Strategic Transformation via Proximus Global Integration**
Route Mobile is now a core component of **Proximus Global**, a unified digital services entity formed by combining:
- **Route Mobile** (enterprise CPaaS and regional innovation),
- **BICS** (global telecom infrastructure and carrier connectivity),
- **Telesign** (digital identity and fraud prevention).
This integration, which achieved 74.86% ownership by Proximus via acquisitions and a public open offer, has created a **vertically integrated "Connect-Protect-Engage" value chain**:
| **Pillar** | **Capability** | **Contributing Entity** |
|-----------|----------------|--------------------------|
| **Connect** | Global telecom reach, MNO access, IoT/roaming, eSIM | BICS |
| **Protect** | Digital identity, fraud detection, AI-powered firewall | Telesign & 365squared |
| **Engage** | Omnichannel CPaaS, RCS, WhatsApp, AI chatbots | Route Mobile |
This integration enables Route Mobile to scale globally, expand into mature markets (US, Europe), deepen presence in high-growth regions (India, Africa, APAC), and co-develop next-gen solutions with synergistic platforms.
---
### **Business Model & Key Verticals**
Route Mobile operates across **four internal business verticals**:
1. **Enterprise & OTT**: A2P messaging (SMS, RCS, WhatsApp), email, voice, payment integration.
2. **Mobile Operator**: SMS firewalls, monetization tools (e.g., CPaaS-in-a-Box), SMSC, MMSC, analytics.
3. **Digital Identity & Security Services (TruSense™)**: AI-driven identity verification, anti-phishing, OTP-less authentication.
4. **Business Process Outsourcing (BPO)**: Managed services for enterprise engagement.
---
### **Technology & Innovation**
Route Mobile has developed a robust, AI-driven **cloud-native platform** with several proprietary solutions:
#### **Omnichannel Platform & AI Suite**
- **OCEAN (Omnichannel Experience Automation Network)**: Unified platform for SMS, email, RCS, WhatsApp, Viber, and voice, enabling journey orchestration via insights, conversational UX, and engagement.
- **Roubot**: No-code, AI-powered chatbot builder with NLP, flow control, A/B testing, CRM integrations, and generative AI (via AWS Bedrock) for use in BFSI, e-commerce, education, and healthcare.
- **RCS Business Messaging**: Deployed in leading transit systems (e.g., Hyderabad, Jakarta), featuring rich media, CTA buttons, and WhatsApp-integration.
- **365guard**: AI-powered SMS fraud detection solution launched by **365squared**, detecting smishing, phishing, and spam in real time using adaptive analytics.
---
### **Growth Initiatives & Strategic Partnerships**
#### **High-Impact Product Launches**
- **WhatsApp Voice Services**: Enabled for enterprise conversational commerce and patient engagement.
- **eSIM Integration**: For travel and fintech sectors.
- **Payment as a Service (Click2Pay)**: Enables real-time payments in chat-based interactions.
- **API Monetization via Catana & Aduna**: Leverages BICS’ network API infrastructure to deliver enterprise-grade fraud prevention, authentication, and omnichannel orchestration.
#### **Landmark Deployments**
- **Transport Ticketing**:
- WhatsApp-based ticketing for **Delhi Metro, Maha Mumbai Metro, MRT Jakarta**.
- RCS + Google Wallet solution for **L&T Metro, Hyderabad**.
- **Healthcare**: WhatsApp Voice Calling for hospital patient engagement in India’s Tier 2/3 cities.
- **Financial Services**: Email onboarding and anti-fraud solutions for Latin American digital banks.
#### **Key Strategic Partnerships**
- **Meta (Premier Partner)**: Direct access to WhatsApp Business Platform, flows, and commerce capabilities.
- **Proximus Group Subsidiaries**: Cross-selling with **Telesign’s identity solutions** and **BICS’ global operator network**.
- **System Integrators**: Including **Infosys, Microsoft**, for co-development and GTM acceleration.
- **Nokia**: Co-building enterprise applications with telecom network APIs.
---
### **Global Footprint & Operations**
- **Presence**: 20+ global offices across North America, Latin America, Europe, UK, Middle East, Africa, and Asia-Pacific.
- **Subsidiaries**: 9 direct and 26 step-down subsidiaries across 35+ locations.
- **Employees**: Over 800 employees (as of Aug 2025), including 334 technology experts.
- **Data Centers**: 20 global data centers, 6 SMSCs.
- **Network**: Direct connections with **288+ MNOs**, access to **900+ networks via BICS’ Super Network**.
- **Customers**: Over **3,200 active billable clients**, including Fortune Global 500 companies.
---
### **Market Position & Recognition**
- **Gartner Magic Quadrant**: Recognized as a **Niche Player in CPaaS (2024)** and a **Major Provider (2023)**.
- **ROCCO Report**: Ranked as a **Top Tier 1 A2P SMS vendor**.
- **Awards**: TruSense Identity won **'Best Mobile Authentication Solution' (2024)**.
---
### **Acquisitions & Strategic M&A**
Route Mobile has pursued aggressive inorganic growth to build a full-stack CPaaS/CXaaS platform:
- **SendClean**: Email-as-a-Service platform with ~1B emails/month processing.
- **365squared**: AI-powered SMS firewall and fraud detection.
- **Masivian (Colombia)**: LatAm CPaaS market entry.
- **MR Messaging & Interteleco**: Expanded footprint in UAE, Kuwait, Africa, and Europe.
- **TeleDNA**: Integrated SMSC, MMSC, and firewall tech stack.
- **Teledgers DLT Platform**: For regulatory compliance (e.g., TRAI in India).
These acquisitions supported **Vision 2.0**, transforming Route Mobile from an SMS aggregator into a **Customer Experience Platform as a Service (CXaaS)** provider.
---
### **Leadership & Governance**
- **Founder & MD/Group CEO**: **Rajdipkumar Gupta** (since 2004) – driving global expansion and innovation.
- **CEO, Route Mobile (Operational)**: **Gautam Badalia** (from Feb 2025) – overseeing execution under Proximus Global.
- **Proximus Global Leadership**: **Guillaume Boutin (CEO)**, with centralized commercial, technology, and GTM functions.
---
### **Strategic Priorities (Nov 2025)**
1. **Expand in Mature Markets**: Accelerate penetration in North America and Europe via Telesign and BICS partnerships.
2. **Monetize Network APIs**: Scale Catana and Aduna platforms globally.
3. **Develop CXaaS Stack**: Combine communications, identity, personalization, and analytics into intelligent customer journeys.
4. **Enhance Security & Compliance**: Strengthen TruSense for regional regulations (e.g., GDPR, India’s DPDPA).
5. **Innovate with AI**: Leverage generative AI for chatbots, content creation, and predictive analytics.
6. **"Be Local, Serve Local" Strategy**: Establish local offices to capture high-margin SMEs and regional banks in target markets.
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