Source: Entrackr
Fleetx, a logistics technology firm based in Gurugram, has secured Rs 113 crore (approximately $13.2 million) in a Series C funding. The round was led by its existing investors IndiaMART Intermesh and BEENEXT’s Accelerate Fund. The funding includes primary and secondary transactions.
This most recent round follows a $19.4 million Series B raised in February 2022 also led by IndiaMART, with IndiaQuotient and BEENEXT.
Fleetx stated it will use the new funding, to enhance its products and its footprint in the market especially in mid-sized and large business sectors in India. The company was aiming to become IPO (Initial Public Offering) ready in the next two years.
Fleetx was formed in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra. The company provides technology solutions for the logistics industry using AI (artificial Intelligence) and IoT (Internet of Things). Part of those technologies included fleet management, fuel tracking, video tracking, transport enterprise software, transport planning systems.
CEO Vineet Sharma said the company is in a strong position to use AI to solve major problems in the logistics sector.
“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,”
Fleetx states that it has grown four times its size since its previous funding round in 2022. It has surpassed Rs 100 crore in annual recurring revenue (ARR) and has currently over 2,000 clients – more than 100 of which are large enterprises.
Fleetx’s clients vary from cement, fast-moving consumer goods (FMCG), mining, transport and manufacturing. Fleetx has some large clients listed as well, including Ultratech Cement, Adani Group,Unilever, Godrej, Shree Cement, Maersk, and Panasonic.
Fleetx is also focused on automating and improving decision-making with real-time insights; Fleetx aims to make supply chains more efficient and equitable in India by utilizing data.
Fleetx as well saw an improvement on the financial side. The company had an operating revenue of Rs 56.58 crore for the year ending March 2024 compared to Rs 41.63 crore the previous year, as well as halving its losses which it cut down to Rs 24.21 crore in FY24. Fleetx sees strong funding interest and rising demand for digital logistics in India, and aims to build its products, grow customers, and ensure long-term profitability in preparation of a forthcoming listing.
