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Fleetx Secures Rs 113 Crore in Series C Funding
Fleetx, a logistics SaaS startup based in Gurugram, has successfully raised Rs 113 crore (approximately $13.2 million) in its Series C funding round led by existing investors IndiaMART Intermesh and BEENEXT’s Accelerate Fund. This funding round comprises both primary and secondary transactions.
Startup Superb provided exclusive coverage of this funding round last week.
Previously, Fleetx raised $19.4 million in its Series B funding round, which took place in February 2022 and was led by IndiaMart, with contributions from IndiaQuotient and BEENEXT.
The fresh capital will be utilised to enhance product capabilities and to scale its go-to-market strategy across mid-market and enterprise sectors in India, as stated in Fleetx’s official press release.
Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx operates at the confluence of AI and IoT, providing solutions for fleet management, fuel analytics, video telematics, transport ERP, and TMS.
The company is poised to strengthen its product offerings and profitability metrics, aiming for IPO readiness within the next two years. Fleetx also aims to double its annual recurring revenue (ARR) while achieving profitability in the short term.
Vineet Sharma, CEO of Fleetx, indicated, “With access to substantial logistics data points, Fleetx is uniquely positioned to leverage AI to address some of the most intricate challenges in the logistics sector. The company intends to continue investing aggressively in its product capabilities while building a resilient and efficient business that delivers measurable value to its customers.”
Fleetx asserts that it has experienced a fourfold growth since its last funding round in 2022, having surpassed Rs 100 crore in ARR and currently servicing over 2,000 clients, including more than 100 large enterprises.
The company’s clientele ranges across various industries, including cement, FMCG, mining, transportation, and manufacturing. Prominent clients include Ultratech Cement, Adani Group, Unilever, Godrej, Shree Cement, Maersk, and Panasonic.
For the fiscal year ending March 2024, Fleetx reported operating revenue of Rs 56.58 crore, up from Rs 41.63 crore in FY23. Additionally, the company has reduced its losses by more than 55% to Rs 24.21 crore in FY24, although the annual report for FY25 has not yet been submitted.
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