IndiaMART invests Rs 91.42 cr, takes stake to 16.53% in Fleetx Technologies

B2B marketplace IndiaMART, announced an investment of Rs 91.42 crore in Fleetx Technologies Private Limited (‘Fleetx.io’). As part of the transaction, IndiaMART has agreed to acquire shares via a mix of primary and secondary share purchases, and its final holding post the round shall stand at 16.53 per cent.

Fleetx.io has raised a total of Rs 145 crore in this round, led by IndiaMART along with participation from existing investors IndiaQuotient and BEENEXT.

Fleetx.io is a freight and fleet management software which helps both fleet operators and businesses to digitise their operations and helps them improve safety, efficiency and sustainability of their vehicles and operations.

Dinesh Agarwal, founder and managing director of IndiaMART said, “Supply Chain Visibility is a critical yet underserved problem faced by Indian businesses and fleet owners. FleetX has been able to validate and scale an innovative IoT- and SaaS-based solution to this problem. Vineet Sharma, CEO and co-founder of Fleetx.io, and the rest of the team are experienced professionals with rich experience in working together to deploy technology at scale, and we are excited to partner with them for their next phase of growth.”

Sharma said, “We are thrilled to on-board IndiaMART in our mission to increase safety, efficiency and digitisation in the logistics and transportation industry. We will be utilizing the investment primarily for talent acquisition, enhancing product and technology and scaling GTM capabilities.”

“Fleetx was one of India Quotient’s first few SaaS investments when we realized that Indian businesses will begin to adopt software. From sales to fleet owners (transport sector) in the beginning, they have scaled the product to fit many industries such as FMCG, Automotive, Cement, Iron & Steel and E-com etc. Today 70 per cent of their revenue comes from mid to large customers,” said Gagan Goyal, Partner at IndiaQuotient.