Logistics SaaS platform WheelsEye reported modest growth in FY25, with its operating revenue rising 17% year-on-year. However, the company’s losses remained largely unchanged during the fiscal year ended March 2025.
According to standalone financial statements filed with the Registrar of Companies (RoC), WheelsEye’s revenue from operations increased to ₹243.4 crore in FY25, compared to ₹208.8 crore in FY24.
SaaS Subscriptions Drive Majority of Revenue
Founded in 2017, WheelsEye offers an app-based logistics platform that enables truck booking and fleet management for operators across India. The company also provides software solutions, GPS tracking devices, and FASTag services.
Revenue from software subscription services rose 20% to ₹152.7 crore, contributing nearly 62% of total operating revenue.
The company also generates revenue through bundled solutions that combine GPS hardware devices with licensed software subscriptions for vehicle navigation. Revenue from this segment grew 32% year-on-year to ₹62 crore in FY25.
Additional income streams include FASTag sales, commissions, and other operational services. WheelsEye also recorded ₹27.6 crore in non-operating income from interest on fixed deposits and subcontracting income, taking its total income to ₹271 crore during the fiscal year.
Expense Structure and Profitability
Employee benefit expenses remained the largest cost component at ₹141.8 crore, largely unchanged from the previous fiscal year.
Meanwhile, the cost of materials, primarily GPS tracking devices, rose sharply by 68% to ₹45.7 crore. IT expenses declined 7% to ₹12.4 crore, while the cost of hiring supervisors amounted to ₹17.3 crore during the year.
The company also recorded ₹57 crore in miscellaneous expenses, along with commissions, travel, advertising, and other operational costs. Overall expenses increased nearly 10% to ₹317.8 crore in FY25.
Losses Remain Unchanged
Despite higher revenue, WheelsEye reported a net loss of ₹47 crore, nearly the same as the previous fiscal year. The flat losses were partly attributed to a decline in other income.
The company’s EBITDA margin improved to -25.47%, while ROCE deteriorated to -84.31%. Operational efficiency improved slightly, with the firm spending ₹1.31 to generate every rupee of revenue.
Financial Position
As of March 2025, WheelsEye reported ₹208.3 crore in current assets, including ₹10.7 crore in cash and bank balances. Its parent company, WheelsEye Technology Inc., based in the United States, holds 99.9% ownership of the Indian entity.
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