Fleetx, a logistics software startup based in Gurugram, has raised Rs 113 crore (about $13.2 million) in Series C funding. The round was led by its current investors, IndiaMART Intermesh and BEENEXT’s Accelerate Fund, and included both new investment and the buying of existing shares.
In February 2022, Fleetx raised $19.4 million in its Series B round. The funding was led by IndiaMART, with support from IndiaQuotient and BEENEXT.
Fleetx said in a press release that the new funds will be used to improve its products and grow its sales and marketing efforts, especially for medium and large businesses in India.
Fleetx was started in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra. The company uses AI and IoT technology to provide services like fleet tracking, fuel monitoring, video-based safety tools, and transport management systems.
Fleetx plans to improve its products and boost profits so it can be ready for an IPO in the next two years. The company also wants to double its yearly recurring revenue and become profitable soon.
“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, CEO of Fleetx.
Fleetx says it has grown four times bigger since its last funding round in 2022. The company also says it now earns over Rs 100 crore in yearly recurring revenue and works with more than 2,000 clients, including over 100 large companies.
Fleetx serves customers in many industries, like cement, fast-moving consumer goods (FMCG), mining, transport, and manufacturing. Some of its well-known clients are Ultratech Cement, Adani Group, Unilever, Godrej, Shree Cement, Maersk, and Panasonic.
For the financial year ending in March 2024, Fleetx made Rs 56.58 crore in revenue, up from Rs 41.63 crore in the previous year (FY23). The company also cut its losses by more than 55%, bringing them down to Rs 24.21 crore in FY24. The report for the current year (FY25) hasn’t been released yet.
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