IndiaMart To Invest Rs 65 Crore In AI Logistics Firm Fleetx For 25.80% Stake

IndiaMart InterMESH will invest up to Rs 64.99 crore in Fleetx Technologies by subscribing to 4,630 compulsorily convertible preference shares (CCPS) at a premium of Rs 1,40,352 per CCPS.

Upon completion, IndiaMart's aggregate shareholding in Fleetx on a fully converted and diluted basis will be 25.80%.

Fleetx Technologies is an AI-powered fleet and logistics SaaS platform that integrates data, IoT, and AI to digitize logistics operations and reduce costs.

The investment aligns with IndiaMart's strategy to expand its SaaS portfolio for the B2B ecosystem.

The acquisition is expected to be completed within 30 days and requires no governmental or regulatory approvals.