Fleetx.io Raises Rs 113 Crore In Series C Round

Fleetx, a logistics SaaS startup has raised Rs 113 crore ($13.2 million) 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.

The fresh funds will be used to improve the product and grow sales efforts for mid-sized and large businesses in India.

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"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.

“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.

“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.

About Fleetx

Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, Fleetx, a software platform for fleet and logistics management using AI and IoT, will use the funding to improve its product and boost sales, mainly targeting mid-sized and large businesses in India.

It supports over 2,000 businesses in industries like transportation, manufacturing, mining, FMCG, and cement. Some of its major clients include Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Shree Cement, MP Birla Group, Maersk, Hindalco, Grasim, AM/NS India, Bisleri, Panasonic, and DTDC.

For the year ending March 2024, Fleetx earned Rs 56.58 crore in operating revenue, up from Rs 41.63 crore in FY23. It also cut its losses by more than 55%, bringing them down to Rs 24.21 crore in FY24. The report for FY25 is not yet available.

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