IndiaMART to lift Fleetx stake to 25.8% in Rs 64.99 crore SaaS push

What's the deal? IndiaMART InterMESH has agreed to subscribe to 4,630 Compulsory Convertible Preference Shares (CCPS) of Fleetx Technologies for up to Rs 64.99 crore. The deal will lift IndiaMART's holding in Fleetx to 25.80% of share capital on a fully converted and diluted basis.

Who's involved? IndiaMART is India's largest online B2B marketplace, connecting business buyers with suppliers of products and services. Fleetx is a logistics and fleet-management SaaS platform.

What's the endgame? The investment fits IndiaMART's long-term goal of offering Software as a Service (SaaS) solutions for businesses, extending its push beyond its core marketplace.

The signal: The move extends IndiaMART's reach from matchmaking buyers and suppliers into recurring SaaS revenue, deepening its bets on adjacent business tools. The transaction is expected to close within 30 days of the announcement.

Read more: Citrus Interactive

Image credit: Lav Ulv