Fleetx, a Gurugram-based logistics SaaS startup, has just announced a significant milestone, raising Rs 113 crore in a Series C funding round. This substantial investment, led by existing investors Indiamart Intermesh and BEENEXT’s Accelerate Fund, marks a pivotal moment for the company as it accelerates towards full profitability and lays the groundwork for a future public listing. The round, a mix of primary and secondary components, is set to bolster Fleetx’s product offerings and significantly expand its reach within India’s mid-market and enterprise segments.
Revolutionizing Logistics with AI and IoT
Founded in 2017 by a visionary team including Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx has been at the forefront of transforming fleet management. Their innovative platform leverages the power of AI and IoT to deliver comprehensive solutions in critical areas such as fleet management, fuel analytics, video telematics, and transportation management systems. This technological backbone is what allows businesses to gain unprecedented visibility and control over their logistics operations, leading to enhanced efficiency and cost savings.
Vineet Sharma, co-founder and CEO of Fleetx, emphasized the strategic importance of this funding. “This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness,” he stated. He further highlighted the company’s unique position to leverage its vast logistics data points with AI to solve complex industry challenges, a testament to their deep understanding of the sector’s intricacies.
Quadrupling Growth and Expanding Reach
Fleetx’s growth trajectory has been nothing short of impressive. The startup proudly claims to have quadrupled its annual recurring revenue (ARR) since its last fundraise in early 2022, impressively surpassing the Rs 100 crore mark. This rapid growth is a clear indicator of the strong product-market fit and the increasing demand for their solutions.
Their customer base has also expanded significantly, now serving over 2,000 businesses. This includes a robust portfolio of over 100 enterprise accounts spanning diverse and critical sectors such as manufacturing, cement, FMCG, mining, and transportation. The list of notable clients speaks volumes about their credibility and impact, featuring industry giants like Ultratech Cement, Hindalco, Adani Group, Maersk, Vedanta, and Unilever. These partnerships underscore Fleetx’s ability to cater to the complex needs of large-scale operations.
Strategic Alignment with Key Investors
The continued backing from existing investors like Indiamart Intermesh and BEENEXT underscores their confidence in Fleetx’s vision and execution. Dinesh Agarwal, founder and CEO of Indiamart Intermesh, articulated this alignment, stating, “Fleetx has consistently demonstrated a strong product–market fit and disciplined execution in solving large-scale logistics challenges. Their AI and IoT-powered platform is becoming the operating system for physical movement of goods and therefore aligns perfectly with Indiamart’s vision of empowering businesses.”
Hero Choudhary, Managing Partner at BEENEXT, echoed this sentiment, praising Fleetx’s “capital-efficient growth and deep understanding of logistics tech.” He expressed confidence in their ability to build a “durable SaaS company from India with global potential,” signaling a strong and continued partnership as Fleetx scales towards becoming a public company.
This Series C funding round is not just an investment; it’s a vote of confidence in Fleetx’s ability to continue innovating and leading the transformation of the logistics sector in India and beyond. With profitability in sight and IPO readiness on the horizon, Fleetx is poised for an exciting future.
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