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Pour boiling water over granola and raisins in a bowl. Stir and cool to room temperature (about 1 hour).
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Preheat oven to 375 degrees F. Grease and flour a 10- or 12-cup bundt pan.
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Whisk together flour, baking powder, baking soda, salt, and nutmeg in a medium bowl.
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Cream butter, sugar, and brown sugar in a large bowl until light and fluffy.
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Add eggs and vanilla, one at a time, beating well after each addition.
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While blending at low speed, add flour mixture in three additions alternately with soaked granola and raisins in two additions, beginning and ending with flour mixture until just moistened. Do not over mix.
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Spread batter evenly in prepared pan. Bake for 40 to 50 minutes, until a toothpick or cake tester inserted in the middle comes out clean.
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Cool cake in the pan for 12 minutes. Turn out cake on a wire rack and cool completely. Top cake with vanilla glaze.