Fleetx.io Gears Up for Rs 100 Crore Series C Funding
SaaS-based fleet and logistics management platform Fleetx.io is poised to secure over Rs 100 crore (approximately $12 million) in its Series C funding round, according to multiple sources familiar with the situation, as reported by Startup Superb.
One of the insiders mentioned that the majority of the funding will come from existing investors, stating that over 60-70% of the total is expected to be raised as primary capital.
Overview of Fleetx.io
Established in 2017, Fleetx was founded by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra. The company specializes in providing a comprehensive suite of IoT and software solutions aimed at assisting fleet operators and industries in digitizing their logistics operations.
Funding History
The Gurugram-based startup successfully raised $19.4 million in its Series B funding round, which was led by IndiaMart with contributions from IndiaQuotient and BEENEXT in February 2022.
Expectations for Series C Round
IndiaMart and BEENEXT are anticipated to participate in this current funding round, which is likely to value Fleetx.io at around Rs 1,200 crore. The secondary portion of the deal is expected to facilitate exits for early investors, including angel investors, according to another anonymous source.
Finalised terms of the deal suggest that if all proceeds as planned, the funding round will be publicised soon.
As of the publication, inquiries sent to Fleetx, IndiaMart, and BEENEXT did not receive any responses.
Financial Performance
According to data from various startup intelligence platforms, BEENEXT was the largest external stakeholder in Fleetx during its Series B round, followed by India Quotient and IndiaMart.
For the fiscal year ending March 2024, Fleetx reported an operating revenue of Rs 56.58 crore, compared to Rs 41.63 crore in FY23. The company significantly reduced its losses by over 55%, reporting Rs 24.21 crore in FY24, down from Rs 54.33 crore in the previous fiscal year. The annual report for FY25 has yet to be submitted.