Indiamart Intermesh Limited has informed that IndiaMART InterMESH Limited(hereinafter referred as Company ) has entered into an agreement to subscribe to 2,921Compulsory Convertible Preference Shares of Fleetx Technologies Private Limited (hereinafterreferred as Fleetx ).The details of the said transaction of acquisition by the Company is enclosed as Annexure A .
INDIAMART · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
IndiaMART Intermesh Limited has agreed to invest up to Rs. 41 crore in Fleetx Technologies Private Limited by subscribing to 2,921 Compulsorily Convertible Preference Shares (CCPS) at a premium of about Rs. 1.4 lakh per share. Post-transaction, IndiaMART will hold 22.25% of Fleetx on a fully converted and diluted basis. Fleetx is already an Associate Company of IndiaMART and operates an AI-powered fleet and logistics optimization platform with FY24 turnover of Rs. 60.14 crore, up from Rs. 46.15 crore in FY23. The deal is in cash and is expected to close within 30 days, aligning with IndiaMART's long-term goal of offering SaaS-based solutions to businesses.
This is a strategic minority investment that strengthens IndiaMART's SaaS portfolio and deepens its existing association with Fleetx. Since IndiaMART already held a stake in Fleetx as an associate company, the financial impact is incremental and unlikely to materially move the stock in the short term, but it signals continued focus on logistics-tech adjacencies.