WheelsEye Reports Modest Revenue Growth: Losses Remain Steady in FY25

Logistics SaaS firm WheelsEye posted moderate growth for the fiscal year ending March 2025. Operating revenue rose 17% to ₹243.4 crore from ₹208.8 crore in FY24, while net losses remained largely unchanged at ₹47 crore.

• Employee benefits, the largest cost component, remained stable at ₹141.8 crore.
• Cost of materials (GPS devices) surged 68% to ₹45.7 crore, while IT expenses fell 7% to ₹12.4 crore.
• Supervisor hiring costs totaled ₹17.3 crore, and miscellaneous expenses amounted to ₹57 crore.
• Overall expenses rose nearly 10% to ₹317.8 crore.

Despite revenue growth outpacing expense increases, a decline in other income kept losses flat.

Financial Ratios

• ROCE worsened to -84.31%, though EBITDA margin improved to -25.47%.
• Cost efficiency improved, with the company spending ₹1.31 to earn ₹1 in FY25.

WheelsEye Balance Sheet

As of March 2025, WheelsEye had current assets of ₹208.3 crore, including ₹10.7 crore in cash and bank balances. Its parent company, WheelsEye Technology Inc., based in the United States, holds a 99.9% stake in the Indian entity.

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About WheelsEye

Founded in 2017, WheelsEye provides an app-based platform for truck booking and fleet management in India, alongside software, GPS tracking devices, and FASTag solutions for fleet operators.

• Software subscription services drove growth, rising 20% to ₹152.7 crore and accounting for nearly 62% of total operating revenue.
• Revenue from bundled solutions (GPS hardware plus licensed software) jumped 32% to ₹62 crore.
• The remaining income came from FASTag sales, commissions, other operating sources, and interest income/subcontracting, adding ₹27.6 crore and bringing total income to ₹271 crore in FY25.

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