[Funding alert] Fleet management startup Fleetx.io raises $2.8M in Series A round
Gurugram-based fleet management and predictive analytics platform Fleetx.io has raised $2.8 million in a Series A round of funding led by Singapore-based Beenext alongside existing investor India Quotient.
The round also saw participation from Snapdeal founders Kunal Bahl and Rohit Bansal, Rajesh Ranavat (MD, LiFung Capital), and Rohan Ranavat (Investor, Temasek Holdings).
The startup earlier raised a pre-series A round last year from IndiaQuotient and LetsVenture. Fleetx said it will use the fresh funds for scaling in India and other markets, strengthening product and technology and hiring talent.
Vineet Sharma, CEO and Co-founder, Fleetx, said,
"Our mission is to build an operating system for the fleet and logistics industry which gives real time visibility of end-to-end operations and helps fleet owners in reducing the operations cost and increase productivity by leveraging artificial intelligence, IoT, and big data technology. Our suite of products also provide real-time actionable insights in logistics operations to large enterprise shippers and companies."
Founded in 2017 by Vineet and his co-founders Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, Fleetx offers a suite of software-based products to help fleets of all sizes to monitor and optimise their daily logistics operations. It uses AI and predictive analytics to help them improve their operations efficiently and cost-effectively.
With a client base of both mid to large fleet owners and enterprise shippers, Fleetx claims to be growing 20 percent month-on-month with almost zero percent churn since inception.
Dirk Van Quaquebeke, Managing Director at Beenext, added,
“We were impressed by the team’s relentless focus on solving very concrete problems in fleet management one industry at a time. This increases relevancy, reduces the risk of being displaced and creates several industry-specific micro brands/personas for Fleetx.”
(Edited by Evelyn Ratnakumar)