B2B marketpalce IndiaMART on Monday said it led the Series B funding round of logistics SaaS platform Fleetx Technologies Private Limited (Fleetx.io), and announced an investment of Rs 91.42 crore in the company.
"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," IndiaMART said in a release.
Fleetx.io is an freight and fleet management software which helps fleet operators and businesses to digitise their operations and improve safety, efficiency and sustainability of their vehicles and operations.
"By harnessing IoT and machine learning, fleetx is enabling digital transformation of logistics industry and helping all stakeholders get actionable insights and improve their operations. Some key use cases of the fleetx.io platform include real time visibility, improved asset utilization, theft prevention, fuel savings and improved vendor performance," the release said.
Speaking about the investment, IndiaMART founder and MD Dinesh Agarwal 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. Moreover, they have been able to successfully develop and cross sell solutions for various other pain points felt by businesses across their supply chain, such as theft prevention and asset utilization."
Fleetx.io co-founder and CEO Vineet Sharma said that the investment will enable the company to keep innovating, take its product leadership further ahead and take it to global markets.
"We will be utilizing the investment primarily for talent acquisition, enhancing product and technology and scaling GTM capabilities," Sharma said.
Shares of IndiaMART on Monday ended 1.45 per cent lower at Rs 4,766.40 on the BSE.
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