[Funding alert] Fleet management startup Fleetx.io raises $3.1M in pre-Series B round
BEENEXTand India Quotient..io, a Gurugram-based intelligent operating system to optimise fleet and logistics operations, on Wednesday announced that it had raised $3.1 million in pre-Series B funding from existing investors, including Singapore-based
Founded in 2017 by IIT, NIT, and Purdue university graduates, Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx offers a suite of software-based products to help mid to large fleets to monitor and optimise their day-to-day logistics operations.
The startup has also launched an enterprise product for industries to reduce delays and provide risk detection. It uses AI and predictive analytics to help improve operations while being cost-effective.
The company raised $2.8 million in a Series A round earlier this year from Beenext, IndiaQuotient, Titan Capital, and some renowned angels.
Fleetx said it would use the additional funds for scaling in India and other markets, strengthening product and technology, and hiring talent.
The Fleetx founding team
Commenting on the fundraise, Vineet Sharma, CEO and Co-founder, Fleetx said,
“We are already at pre-COVID growth numbers and see a significant demand surge for software and digitisation in the near future. We will use these funds to tap post-COVID digitisation opportunities by strengthening our product/tech even further and expanding our presence in India and other markets.”
The startup said the global pandemic had accelerated the demand for digitisation, especially in the logistics and transportation industry - the backbone of the GDP. During the recent lockdown, 20-30 percent of the vehicle movement was happening for essential services and the company was getting a lot of end-to-end digitisation requests from existing and new customers.
Fleetx added that it wanted to continue focusing on creating a world-class product out of India by leveraging cutting-edge technology, sensors, and predictive analytics for providing better visibility, helping customers reduce TAT and optimise costs. It currently provides predictive analytics services to over 1250+ clients.
“Fleetx has built a product that is conquering vertical by vertical in what many perceive a crowded space. The team consistently delivers world-class SaaS key performance indicators,” said Dirk Van Quaquebeke, Managing Director at Beenext.