Stake sale · Enterprise Software & IT

IndiaMART raises Fleetx stake to 25.8%

By Startup Enthusiast · 27 July 2026

Date: 27 July 2026
Company: Fleetx.ai
What it does: AI-powered fleet management software
Kind: Stake sale
Amount: ₹64.99 Cr
Stage: secondary
Founded: 2017-07-24
Sector: Enterprise Software & IT

What they do

Fleetx provides AI-powered fleet and logistics management software for real-time tracking, fuel monitoring, and route optimization

What happened

IndiaMART InterMESH agreed to invest about ₹65 Cr in Fleetx, increasing its stake to 25.8% through new compulsory convertible preference shares

Why it matters

Fleetx reported revenue of ₹77.8 Cr in FY25, up from ₹60.14 Cr in FY24 and ₹46.15 Cr in FY23; the investment aligns with IndiaMART's strategy to expand its…

The details

IndiaMART InterMESH agreed to invest about ₹65 Cr in Fleetx, raising its stake to 25.8%.
The investment is for 4,630 CCPS (compulsorily convertible preference shares) of Fleetx.
Each CCPS has a face value of ₹10 and an issue premium of ₹140,352 per share.
The total maximum value of the investment is ₹64,98,76,060.
The transaction is expected to close within 30 days and requires no government or regulatory approval.
Payment will be made in cash.
IndiaMART first invested in Fleetx in 2022, leading a Series B round and acquiring about 17% stake for ₹91.42 Cr.
In May 2025, IndiaMART and BEENEXT's Accelerate Fund co-led a ₹113 Cr Series C round in Fleetx.

The bigger picture

IndiaMART's investment aligns with its long-term objective of expanding its SaaS solutions portfolio.
IndiaMART reported Q1 FY27 net profit of ₹172.2 Cr, up 12% year-on-year, and operating revenue of ₹414.4 Cr, up 11%.
Despite the profit growth, IndiaMART saw a third straight quarterly decline in paid suppliers, reflecting weak investor sentiment.
Jefferies reiterated an 'Underperform' rating with a target price of ₹1,650, while Nomura maintained 'Reduce' with a target of ₹1,810.
Choice Institutional Equities noted resilient revenue growth, better supplier monetisation, ARPU expansion, and margin surprise from lower CAC and operating leverage.

About the business

Fleetx provides AI-powered fleet and logistics management software.
The platform tracks vehicles in real-time, monitors fuel, and optimises routes.
It combines data, IoT, and AI to digitise logistics and improve efficiency and safety.
Fleetx helps reduce operating costs for its clients.
The company reported revenue of ₹77.8 Cr in FY25, up from ₹60.1 Cr in FY24 and ₹46.2 Cr in FY23.

What happens next

IndiaMART plans to expand its SaaS solutions portfolio through this investment.
The transaction is expected to close within 30 days.

The deal

Type: stake-sale

Investors

IndiaMART InterMESH (buyer) — IndiaMART is an online B2B marketplace and a major investor in Fleetx, having previously led its Series B and co-led its Series C.
BEENEXT's Accelerate Fund (co-lead) — Co-led Fleetx's Series C round in May 2025.

Founders

Vineet Sharma, Co-founder
Abhay Jeet Gupta, Co-founder
Vishal Misra, Co-founder
Parveen Kataria, Co-founder
Udbhav Rai, Co-founder

About Fleetx.ai

Product: An AI and IoT-powered software suite offering fleet management, fuel analytics, video telematics, transport ERP, and TMS solutions.
Customers: Mid-market and enterprise logistics companies, fleet operators, and businesses managing transport operations.
How it makes money: Software-as-a-Service (SaaS) subscription model charging businesses for fleet management and logistics software.
What sets it apart: Processes nearly 1.4 trillion data points annually to solve core logistics, safety, and efficiency challenges using AI and IoT.
Operations: Serving over 1,000 to 2,000 clients in India, processing massive data points to optimize routes, track fuel, and improve driver safety.

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