Lakshmikumaran and Sridharan advised IndiaMart InterMesh

Lakshmikumaran and Sridharan advised IndiaMart InterMesh

Lakshmikumaran and Sridharan (LKS) has represented IndiaMart InterMesh Limited to lead a fresh round of funding in Fleetx Technologies Private Limited.

It was done to raise USD 19.4mn in the fleet management platform in India. Along with IndiaMart, existing investors IndiaQuotient and Beenext also participated in the funding.

LKS provided IndiaMart with an end-to-end transaction advisory for the investment process, along with conducting legal due diligence. The firm also assisted the investor in deal structuring, negotiations and finalization of transaction documentation.

The law firm's transaction was led by partner Kunal Arora (partner) and his team including Gunmeher Juneja (principal associate), Nayanika Majumdar (senior associate), Archit Gupta (associate), Pragya Pandey (associate), Akhil Kumar (associate), and Narahari Pulikollu (consultant).

Speaking on the occasion, Arora said, "The deal was interesting as it involved negotiations for the alignment of rights of multiple investors. It also entailed a detailed analysis of the extensive business operations supported by a large workforce. This is a significant deal as it marks the expansion of IndiaMart's portfolio into transportation visibility space, which is witnessing accelerated growth in an otherwise highly non-digitized logistics industry."

Grant Thornton advised IndiaMart on the financial aspects and J Sagar & Associates were the legal advisors to the company and the selling shareholders.

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