Gurugram startup Fleetx.io raises Rs 113 Cr in Series C led by existing investors
Fleetx.io will use the funding to advance product development and strengthen its sales operations, with a focus on mid-market and enterprise clients in India.
Gurugram startup Fleetx.io on Tuesday said it raised Rs 113 crore in a mix of primary and secondary investments in its Series C funding round led by existing investors IndiaMART Intermesh and BEENEXT's Accelerate Fund.
Fleetx—a SaaS platform focused on fleet and logistics management using AI and IoT—plans to use the funding to advance product development and strengthen its sales operations, with a focus on mid-market and enterprise clients in India.
"As we sit on the huge logistics data points, we’re in a unique position to leverage AI to tackle some of the most complex challenges in the sector. We will continue to invest aggressively in our product capabilities while building a durable, efficient business delivering measurable value to our customers,” said Vineet Sharma, Co-founder and CEO of Fleetx.
It serves over 2,000 businesses across transportation, manufacturing, mining, FMCG, and cement sectors, including Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Shree Cement, MP Birla Group, Maersk, Hindalco, Grasim, AM/NS India, Bisleri, Panasonic, and DTDC.
“Fleetx has shown strong product–market fit and disciplined execution in tackling logistics challenges. Their AI and IoT platform aligns well with our vision of empowering businesses, and we’re glad to deepen our partnership,” added Dinesh Agarwal, Founder and CEO, IndiaMART.
The Gurugram company was founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Vishal Misra, Udbhav Rai and Parveen Kumar Kataria. According to Sharma, “This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness."
“Fleetx stands out for its capital-efficient growth and sharp focus on logistics tech. We believe they’re well-positioned to build a globally relevant SaaS business from India,” said Hero Choudhary, Managing Partner, BEENEXT.
Edited by Suman Singh