Latest news with #Indiamart
Time of India
27-05-2025
- Business
- Time of India
Logistics SaaS startup Fleetx raises Rs 113 crore from Indiamart, Beenext
Gurugram-based logistics SaaS startup Fleetx has raised Rs 113 crore in a funding round led by existing investors Indiamart Intermesh and Beenext (through its Accelerate Fund). The round includes a mix of primary and secondary investments, the company said on Tuesday. Fleetx plans to use the fresh capital to accelerate product development and scale its sales engine, with a focus on mid-market and enterprise customers across India. 'This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness. As we sit on huge logistics data points, we're in a unique position to leverage AI to tackle some of the most complex challenges in the sector,' said Vineet Sharma, cofounder and CEO of Fleetx. Founded in 2017, Fleetx offers AI- and IoT-powered solutions across fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management systems (TMS). The company claims to have increased its annual recurring revenue (ARR) to over Rs 100 crore, marking a four-fold jump from its last fundraise in early 2022. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Fleetx currently serves more than 2,000 customers, including over 100 enterprise accounts such as Ultratech Cement , Unilever, Adani Group, Godrej, Vedanta , Maersk, and Hindalco . According to Tracxn, Fleetx raised $19.4 million at a post-money valuation of $75.6 million in 2022, with participation from IndiaQuotient, Beenext and Indiamart. 'Fleetx has consistently demonstrated a strong product–market fit and disciplined execution in solving large-scale logistics challenges. Their AI and IoT-powered platform is becoming the operating system for physical movement of goods and therefore aligns perfectly with Indiamart's vision of empowering businesses,' said Dinesh Agarwal, founder and CEO of Indiamart Intermesh Limited. The development is part of a broader trend in India's logistics-tech space, which has been attracting investor attention amid growing demand for automation, cost efficiency, and data-driven supply chain insights. Earlier this year, SoftBank-backed Netradyne, a fleet safety and video telematics firm, became India's first unicorn of 2025 after raising $90 million in an equity funding round led by Point72 Private Investments.
Fashion Network
30-04-2025
- Business
- Fashion Network
Indiamart's Q4 net profit jumps 81 percent to Rs 181 crore
Online business-to-business (B2B) marketplace Indiamart Intermesh Ltd reported an 81 percent rise in net profit to Rs 181 crore ($21.3 million), as against Rs 97 crore in the year-ago quarter. The company's revenue for the quarter rose by 13 percent to Rs 355 crore, as against Rs 315 crore in the corresponding quarter of the previous fiscal year. For the full financial year, the company's revenue from operations stood at Rs 1,388 crore while its net profit for the year for Rs 551 crore. Commenting on the results, Dinesh Agarwal, CEO of Indiamart in a statement said, 'We are happy to close the financial year with continued growth in customers, revenue and cash flows while maintaining healthy margins in the business. We remain committed to delivering a high-quality and trusted user experience on our platform.' 'Backed by a robust business model and a clear strategic vision, we are well positioned to capitalize on the rapid pace of digital adoption across the business landscape. With consistent profitability and strong cash flows, we are continually strengthening our value proposition for stakeholders while driving sustainable long-term growth,' he added.
