IndiaMART To Invest ₹65 Cr More In Fleetx, Raise Stake To 25.8%

B2B ecommerce platform IndiaMART InterMESH has entered into an agreement to invest about ₹65 Cr in fleet management startup Fleetx, increasing its stake in the portfolio company to 25.8%. 

Under the agreement, IndiaMART will subscribe to 4,630 CCPS of Fleetx for a total investment of about ₹65 Cr. The transaction is expected to be completed within the next 30 days. 

The company said the investment aligns with its long-term objective of expanding its portfolio of SaaS solutions for businesses. 

Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Vishal Misra, Parveen Kataria, and Udbhav Rai, Fleetx offers AI-powered fleet and logistics management software that enables businesses to track vehicles in real time, monitor fuel consumption, optimise routes and improve operational efficiency. 

Fleetx reported revenue of ₹77.8 Cr in FY25, up from ₹60.1 Cr in FY24 and ₹46.2 Cr in FY23.

IndiaMART first invested in Fleetx in 2022 when it led the startup’s Series B funding round, acquiring about a 17% stake. It subsequently co-led Fleetx’s Series C funding round alongside BEENEXT in May 2025.  

Overall, the startup has raised close to $40 Mn to date from investors like Titan Capital, India Quotient, LetsVenture, among others.

The latest investment comes days after IndiaMART reported a 12% YoY increase in net profit to ₹172.2 Cr for Q1 FY27, while operating revenue rose 11% to ₹414.4 Cr. 

Despite the earnings growth, investor sentiment remained weak amid the company’s third straight quarterly decline in paid suppliers. Following the results, Jefferies reiterated its ‘Underperform’ rating with a target price of ₹1,650, while Nomura maintained its ‘Reduce’ rating with a target price of ₹1,810.

“…Revenue growth remained resilient despite continued subscriber weakness, driven primarily by better supplier monetisation and ARPU expansion, while margin surprised positively on lower customer acquisition costs and operating leverage. The management maintained its quality-first strategy, prioritising retention, trust and product-market fit over aggressive customer acquisition, delaying subscriber recovery. AI-led marketplace enhancements, IndiaMART Finance and buyer monetisation initiatives provide medium-term growth optionality,” Choice Institutional Equities said.

Shares of IndiaMART ended today’s trading session 0.03% higher at ₹1,758.30 on the BSE.

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