Gurugram-based logistics SaaS startup Fleetx has raised ₹113 crore ($13.2 million) in a Series C funding round, led by existing investors IndiaMART Intermesh and BEENEXT’s Accelerate Fund. The round consists of a mix of primary and secondary transactions, according to a report first published by Entrackr.
This latest round comes more than two years after Fleetx raised $19.4 million in its Series B round in February 2022. With the fresh capital, Fleetx aims to enhance its product stack and scale operations in the mid-market and enterprise segments across India.
Key Highlights
- Funding Raised: ₹113 crore ($13.2 million) in Series C
- Lead Investors: IndiaMART Intermesh, BEENEXT’s Accelerate Fund
- Use of Funds: Product expansion, go-to-market acceleration, and profitability
- Founded: 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra
Strategic Roadmap and Product Vision
Fleetx operates at the intersection of AI and IoT, offering a suite of tools such as:
- Fleet Management
- Fuel Analytics
- Video Telematics
- Transport ERP
- Transportation Management Systems (TMS)
According to CEO Vineet Sharma, the company is sitting on vast logistics data, giving it a unique advantage to apply AI in solving sector-wide inefficiencies.
“We will continue to invest aggressively in our product capabilities while building a durable, efficient business delivering measurable value to our customers,” Sharma stated in the press release.
Fleetx plans to double its annual recurring revenue (ARR) and reach IPO readiness within the next two years.
Impressive Growth Metrics
Since its last funding round in 2022, Fleetx claims:
- 4x Growth in scale
- Crossed ₹100 crore in ARR
- Serving 2,000+ clients, including 100+ large enterprise accounts
Fleetx’s clientele spans key industries like:
- Cement – Ultratech Cement, Shree Cement
- FMCG – Unilever, Godrej
- Mining and Infrastructure – Adani Group
- Shipping and Manufacturing – Maersk, Panasonic
Financial Snapshot
For FY24 (ending March 2024), Fleetx reported:
- Operating Revenue: ₹56.58 crore, up from ₹41.63 crore in FY23
- Losses Reduced: By over 55%, to ₹24.21 crore in FY24
- FY25 results are yet to be disclosed
