Logistics SaaS firm WheelsEye reported modest growth in the fiscal year ended March 2025. Its operating revenue rose 17% during the period, following a slowdown after FY22. Meanwhile, the company’s losses remained almost unchanged. WheelsEye’s revenue from operations grew to Rs 243.4 crore in the last fiscal year, from Rs 208.8 crore in FY24, according to its standalone financial statement sourced from the Registrar of Companies (RoC).
Revenue from software subscription services rose 20% to Rs 152.7 crore and accounted for nearly 62% of the total operating revenue. The company also sells bundled solutions that includes a GPS hardware device and an integrated licensed software subscription for vehicle navigation. Revenue from this segment surged 32% year-on-year to Rs 62 crore in the last fiscal. The rest of the collections came from the sale of FASTag, commissions, and other operating sources. The company also recorded Rs 27.6 crore from interest income on fixed deposits and subcontracting income, which pushed its total income to Rs 271 crore in FY25.
WheelsEye's largest cost component, employee benefit expenses remained unchanged at Rs 141.8 crore. The cost of materials (GPS devices) increased by 68% to Rs 45.7 crore, while IT expenses decreased by 7% to Rs 12.4 crore. The cost of hiring supervisors also accounted for 17.3 crore in the previous fiscal. The company also booked undisclosed miscellaneous expenses of Rs 57 crore in the last fiscal year, apart from commission, travel, advertising, and other expenses. WheelsEye’s overall expenses increased by nearly 10%, Rs317.8 crore in FY25.In the end, the firm’s losses remained flat at Rs 47 crore. Although revenue growth outpaced the rise in expenses, a decline in other income kept losses unchanged.
As of March 2025, WheelsEye recorded Rs 208.3 crore in current assets, including Rs 10.7 crore in cash and bank balances. The company’s parent entity, WheelsEye Technology Inc., is based in the United States and holds a 99.9% stake in the Indian entity.
About WheelsEye
WheelsEye was founded in 2017 by Manish Somani and Anshul Mimani. WheelsEye provides an app-based platform for truck booking and fleet management in India, along with software, GPS tracking devices, and FASTag solutions for truck fleet operators.