Source: Entrackr
The Logistics tech startup has plans for growth, product development and possible exits for investors with the latest funding plan.
The Fleetx.io, Gurugram-based SaaS startup offering solutions for fleet and logistics management, is prepared to raise over ₹100 crore (about $12 million) in its upcoming Series C funding round According to three sources cited by Entrackr. The round will be supported primarily by existing investors including IndiaMart and BEENEXT.
“Fleetx is set to raise over Rs 100 crore in its Series C round, with the majority of the funding coming from existing investors,”said a source. “Around 60-70% of the total will be raised as primary capital.” The fresh funding will help the company invest in product development, expand its team, and scale its reach across new geographies.
Founded in the year 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx offers a technology platform that integrates IoT, automation, and real-time data to provide better performance and visibility of logistics performance for fleet operators and industrial clients. Its platform, which features vehicle tracking, predictive maintenance, safety, and digital documentation, allows businesses to be smarter and more efficient in logistics and offers opportunities for organisations to transform their global fleets of light and heavy-duty vehicles.
The Fleetx received $19.4 million in Series B funding in February 2022, with IndiaMart as the lead investor, supported by IndiaQuotient and BEENEXT. This round will likely see the company valued at around ₹1,200 crore
The Sources also noted that “The secondary component will provide exits for early backers, including angel investors,” According to sources who also requested anonymity.
According to startup data platform TheKredible, BEENEXT was the largest external shareholder in Fleetx at the time of the Series B round after IndiaQuotient and IndiaMart.
In terms of financials, the Fleetx has shown notable growth. For the fiscal year ending March 2024, the company reported ₹56.58 crore in operating revenue—an increase from ₹41.63 crore in FY23. It also managed to significantly reduce its losses, bringing them down by over 55% to ₹24.21 crore in FY24, compared to ₹54.33 crore in the previous year. The company’s FY25 financials are yet to be disclosed.
At the time of publication, Fleetx, IndiaMart and BEENEXT did not respond to questions about the funding round.
