WheelsEye Reports Growth in Logistics SaaS for FY25

WheelsEye, a prominent logistics SaaS enterprise, demonstrated notable growth during the fiscal year concluding in March 2025. The firm experienced a 17% rise in its operating revenue, following a slowdown post FY22. In contrast, the company’s losses showed minimal variation.

According to the standalone financial statement from the Registrar of Companies (RoC), WheelsEye’s operational revenue increased to Rs 243.4 crore in the recent fiscal year, up from Rs 208.8 crore in FY24.

Overview of WheelsEye’s Services

Founded in 2017, WheelsEye offers an application-based platform for truck booking and fleet management throughout India. Their services also include software, GPS tracking devices, and FASTag solutions targeting truck fleet operators.

Revenue Breakdown

The revenue from software subscription services saw a 20% increment, reaching Rs 152.7 crore, thus making up nearly 62% of the total operational income. The company further provides bundled solutions, combining a GPS hardware device with licensed software for vehicle navigation. Revenue from this segment witnessed a 32% year-on-year increase, amounting to Rs 62 crore during the last fiscal year.

The remaining revenue streams stem from FASTag sales, commissions, and various operational sources. Additionally, WheelsEye reported Rs 27.6 crore from interest income on fixed deposits and subcontracting activities, culminating in a total income of Rs 271 crore for FY25.

Operating Costs and Financial Performance

WheelsEye’s primary cost element, employee benefit expenses, remained steady at Rs 141.8 crore. Meanwhile, costs associated with materials such as GPS devices surged by 68%, reaching Rs 45.7 crore. IT expenditures saw a 7% reduction, amounting to Rs 12.4 crore. The cost associated with hiring supervisors was also reported at Rs 17.3 crore in the preceding fiscal year. Moreover, the firm recorded unspecified miscellaneous expenses totalling Rs 57 crore, alongside other costs related to commissions, travel, and advertising.

Overall, WheelsEye’s expenses increased by nearly 10%, totalling Rs 317.8 crore for FY25. Consequently, the firm’s losses remained steady at Rs 47 crore. While revenue growth exceeded expense increases, a decline in other income contributed to the consistent losses.

Financial Metrics

The company’s Return on Capital Employed (ROCE) declined to -84.31%, even though the EBITDA margin improved to -25.47%. Cost-effectiveness also enhanced, with WheelsEye spending Rs 1.31 to generate a single rupee in FY25.

As of March 2025, WheelsEye reported current assets of Rs 208.3 crore, which included Rs 10.7 crore in cash and bank balances. The parent company, WheelsEye Technology Inc., based in the United States, holds a 99.9% stake in the Indian subsidiary.