IndiaMART InterMESH has agreed to invest approximately ₹65 crore in fleet management startup Fleetx, increasing its stake to 25.8%. The investment involves subscribing to 4,630 compulsorily convertible preference shares (CCPS) and is expected to close within 30 days. This move aligns with IndiaMART's strategy to expand its SaaS portfolio for businesses, according to inc42.com.
Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Vishal Misra, Parveen Kataria, and Udbhav Rai, Fleetx provides AI-powered fleet and logistics management software that enables real-time vehicle tracking, fuel consumption monitoring, route optimization, and operational efficiency improvements. IndiaMART initially invested in Fleetx in 2022 during its Series B round, acquiring a 17% stake, and later co-led the Series C round with BEENEXT in May 2025, inc42.com reported.
Fleetx has shown strong revenue growth, reporting ₹77.8 crore in FY25, up from ₹60.1 crore in FY24 and ₹46.2 crore in FY23. The startup has raised close to $40 million to date from investors including Titan Capital, India Quotient, and LetsVenture. IndiaMART’s increased investment reflects confidence in the growing SaaS fleet management market and complements its recent financial performance, which included a 12% year-on-year net profit increase to ₹172.2 crore in Q1 FY27, inc42.com noted.
The transaction is set to complete within the next 30 days, further solidifying IndiaMART’s position in Fleetx. This follows IndiaMART’s recent quarterly earnings report showing operating revenue of ₹414.4 crore, up 11% year-on-year, underscoring the company’s ongoing expansion in SaaS investments, according to inc42.com.