Indiamart Intermesh has entered into an agreement to invest 16.53% of the share capital (on fully diluted basis) of Fleetx Technologies.
The company will invest Rs 91.42 crore in the current funding round to acquire 3805 equity shares of face value of Rs 10 each at a price of Rs 57,315 aggregating to Rs 21.81 crore and subscription to 10,323 series B compulsorily convertible preference shares of face value of Rs 10 each at a price of Rs 67,420 aggregating to Rs 69.61 crore.
Fleetx is an freight and fleet management software which helps both fleet operators as well as businesses to digitize their logistics operations and helps them improve safety, efficiency and sustainability of their vehicles and operations by providing them visibility of vehicles and related IoT based analytics services.
The transaction is expected to close by 30 March 2022.
The investment is in line with the company's objective of offering various software as a service (SaaS) based solutions for businesses.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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