Logistics SaaS firm WheelsEye reported a 17% increase in operating revenue in the fiscal year ending March 2025, reaching Rs 243.4 crore compared to Rs 208.8 crore in FY24. The company’s financial statement, sourced from the Registrar of Companies (RoC), highlighted the growth despite relatively stable losses.
Established in 2017, WheelsEye offers an app-based platform for truck booking and fleet management in India, alongside software, GPS trackers, and FASTag solutions for truck fleet operators. Revenue from software subscription services surged by 20% to Rs 152.7 crore, constituting nearly 62% of the total operating revenue. The company also experienced a 32% year-on-year increase in revenue from bundled solutions, which include GPS hardware and licensed software subscriptions for vehicle navigation, amounting to Rs 62 crore in the last fiscal year.
Additionally, WheelsEye’s revenue diversification strategy included income from FASTag sales, commissions, and other operational sources, totaling Rs 271 crore in FY25. Despite stable employee benefit expenses at Rs 141.8 crore, a 68% rise in GPS device costs, and a 7% decrease in IT expenses, the company’s overall expenses grew by almost 10% to Rs 317.8 crore. Miscellaneous expenses of Rs 57 crore were recorded, contributing to this increase.
Ultimately, WheelsEye’s losses remained flat at Rs 47 crore, as revenue growth outpaced expense escalation, although a decline in other income kept losses steady. With an improved EBITDA margin and cost efficiency, WheelsEye’s operational performance in FY25 demonstrates its resilience in the competitive logistics tech landscape.
Source: Entrackr : Latest Posts