IndiaMART InterMESH to invest up to 914.2 mln rupees in Fleetx Tech

Following are key excerpts from an exchange filing by IndiaMART InterMESH Ltd:

* The company will invest up to 914.2 mln rupees to acquire 16.53% stake in Fleetx Technologies Pvt Ltd by subscribing to 10,323 series-B compulsorily convertible preference shares and purchase 3,805 shares from existing shareholders

* Fleetx is a freight and fleet management platform which helps fleet operators and businesses digitise their logistics operations and improve safety, efficiency and sustainability of their vehicles and operations. The company's turnover for 2020-21 (Apr-Mar) was 133 mln rupees

* The investment is in line with the company's long term objective of offering various Software as a Service-based solutions for businesses

* The transaction is expected to be completed by Mar 30

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Source : Eureka

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