IndiaMART to Invest ₹65 Cr More in Fleetx, Raise Stake to 25.8%
B2B e-commerce platform IndiaMART InterMESH has entered into an agreement to invest approximately ₹65 Cr in fleet management startup Fleetx, increasing its stake to 25.8%.
IndiaMART InterMESH, a B2B e-commerce platform, announced an agreement to invest approximately ₹65 crore (US$7.8 million) in fleet management startup Fleetx. The investment will raise IndiaMART's ownership stake in Fleetx to 25.8%.
The transaction involves IndiaMART subscribing to 4,630 Compulsorily Convertible Preference Shares (CCPS) in Fleetx. The deal is expected to close within the next 30 days. IndiaMART stated the investment aligns with its long-term strategy to expand its portfolio of SaaS solutions for businesses.
Founded in 2017, Fleetx provides AI-powered fleet and logistics management software. Its platform enables businesses to track vehicles in real-time, monitor fuel consumption, optimize routes, and improve operational efficiency. Fleetx reported revenue of ₹77.8 crore for FY25, up from ₹60.1 crore in FY24.
IndiaMART first invested in Fleetx in 2022, leading its Series B funding round. This latest investment follows IndiaMART's recent Q1 FY27 earnings report, where the company announced a 12% year-over-year increase in net profit to ₹172.2 crore.