[Funding alert] Fleetx.io raises $19.4M in Series B round led by IndiaMart

Gurugram-based freight visibility and fleet management platform, FleetX, on Tuesday announced that it has raised $19.4 million in Series B funding led by IndiaMart, with participation from existing investors India Quotient and BEENEXT.

The startup said it is planning to use the raised funds to double down on product and expansion plans.

CEO and Co-founder of Fleetx.io, Vineet Sharma, said, 

“Customer is the center of our mission and this investment will enable us to keep innovating on behalf of our customers, taking our product leadership further ahead and taking it to the global markets. We will be utilising the investment primarily for talent acquisition, enhancing product and technology, and scaling GTM capabilities.” 

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“Covid has exposed the fragileness in the supply chain industry and created an urgency for freight digitisation, prompting Gartner to predict that 50 percent of leading global enterprises will have invested in real-time transportation visibility solutions by 2023. We are building an end-to-end platform to solve the opaque operations and siloed systems through technology and helping customers to visualise their physical logistics operations in real-time, on one integrated platform,” added Vineet.

The startup was founded in 2017 by Vineet and his co-founders Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra. It claims to offer a suite of IoT and software-based products to help both fleet operators and industries digitise its logistics operations and helps them improve safety, efficiency and sustainability of their vehicles and operations. 

Fleetx.io also professes to provide visibility and analytics to over 400+ customers. It uses AI, big data, and predictive analytics to help fleet owners and industries improve their efficiency, safety and make smart and better decisions in a cost-effective and flexible way. 

The startup also includes real-time visibility, asset utilization, theft prevention, fuel savings, and improved vendor performance.

Dinesh Agarwal, Founder and MD of IndiaMart said, 

“Supply chain visibility is a critical yet underserved problem faced by Indian enterprises and fleet owners. FleetX has been able to validate and scale an innovative IoT and SaaS-based solution to this problem, and hundreds of enterprises and SMEs across various sectors are currently using their product.”

In October 2020, the startup had secured $3.1 million in pre-Series B funding from existing investors, including Singapore-based BEENEXTand India Quotient.