Monday, May 23, 2022
HomeInsightFunding Alert Fleetx.io raises $19.4 mn funding led by Indiamart, others

[Funding alert] Fleetx.io raises $19.4 mn funding led by Indiamart, others

Fleetx.io
Team Fleetx.io

AI-Driven Freight Movement Platform Fleetx.io has raised a $19.4 million funding round led by Indiamart, with existing investors IndiaQuotient and Beenext also participating.

The company said that investment will use to accelerate customer-focused innovation, recruit talent, expand their sales and customer success capabilities.

The company stated that they are going to double down on their strengths and bring the latest technology and product to the world of logistics operations. They will continue to innovate on behalf of their customers, build industry-first use cases as they have done so far, focus on research and development to help back the ecosystem.

Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Mishra, Fleetx is an AI-Driven Freight Movement Platform that helps supply chain and logistics stakeholders digitize their operations and helps them make smart decisions based on real time actionable insights.

“We are thrilled to onboard Indiamart in our mission to digitize fleet and logistics operations to improve efficiency, safety, and reduce cost. We also want to thank our existing investors for their continuous belief and support of our mission,” said Vineet Sharma, co-founder and CEO of Fleetx.io.

The digital transformation of the logistics industry is just getting started with penetration level is still less than 10% in developing countries. Covid has exposed the fragileness in the supply chain industry and created an urgency for freight digitization, prompting Gartner to predict that 50% of leading global enterprises will have invested in real-time transportation visibility solutions by 2023.

“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,” said Dinesh Agarwal, founder and managing director of Indiamart.

Fleetx is building an end-to-end platform to solve the opaque operations and siloed systems through technology and helping customers to visualize their physical logistics operations in real-time, on one integrated platform.

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