The funding was led by IndiaMART with existing investors BEENEXT and India Quotient
The fund secured would be utilised in talent acquisition, enhancing product and technology, and scaling go-to-market (GTM) capabilities
The logistics and supply chain SaaS is a massive market globally and Fleetx.io is growing more than 100% year-on-year, according to one of its investors
Gurugram-based fleet management and predictive analytics startup Fleetx.io has raised $19.4 Mn in Series B funding led by IndiaMART, with existing investors India Quotient and BEENEXT.
Fleetx.io offers a suite of Internet of Things (IoT) and software-based products to help both fleet operators and industries digitise their logistics operations. It uses AI and predictive analytics to help them improve safety, efficiency and sustainability of their vehicles and operations.
Founded in 2017 by Vineet and cofounders Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, Fleetx.io helps in enabling digital transformation of the logistics industry and helping all stakeholders get actionable insights and improve their operations through machine learning. The fleet management startup said it offers analytics to more than 400 customers.
“Supply Chain visibility is a critical, yet underserved problem faced by Indian enterprises and fleet owners. FleetX has been able to validate and scale an innovative IoT and SaaS-based solution to this problem, and hundreds of enterprises and SMEs are currently using their product,” said Dinesh Agarwal, founder and MD of IndiaMART.
“They have been able to successfully develop and cross-sell solutions for various other pain points felt by businesses across their supply chain, such as theft prevention and asset utilisation,” added Agarwal.
Fleetx.io’s platform benefits in offering real-time visibility, improved asset utilisation, theft prevention, fuel savings, and improved vendor performance, said the startup.
Meanwhile, logistics, and transportation is the backbone for any economy and has been running on manual processes, with siloed systems and spreadsheets with no real-time visibility. The digital transformation of the logistics industry has just started with penetration level less than 10% in developing countries, said Vineet Sharma, CEO and cofounder of Fleetx.io.
He said the Covid pandemic has exposed loopholes in the supply chain industry, indicating that there is urgent need for freight digitisation. Even Gartner has predicted that 50% of leading global enterprises will invest in real-time transportation visibility solutions by 2023.
“We are building an end-to-end platform to solve the opaque operations and siloed systems through technology and helping customers to visualise their physical logistics operations in real-time, on one integrated platform. This investment would enable us to keep innovating on behalf of our customers, taking our product leadership further ahead and taking it to the global markets,” the Fleetx.io CEO said.
“From sales to fleet owners (transport sector) in the beginning, Fleetx has scaled the product to fit industries such as FMCG, automotive, cement, iron and steel, and ecommerce. Today 70% of its revenue comes from mid to large customers. Logistics and supply chain SaaS is a massive market globally and Fleetx, growing more than 100% YoY, will soon enter other SEA countries,” said Gagan Goyal, partner at India Quotient.
Meanwhile, logistics and supply chain startups such as Increff, Bizongo, Porter, Ripplr, among others, have raised funds in the past few months to further expand their products and services.
The sector found a place in the Budget speech earlier this month. Referring to PM Gati Shakti National Master Plan, the Finance Minister said it is a transformative approach for economic growth and sustainable development and is driven by seven engines — roads, railways, airports, ports, mass transport, waterways, and logistics infrastructure.
This includes the much-focused Bharatmala, Sagarmala, inland waterways, dry/land ports and air travel, among others. It sees a greater role for technology in improving infrastructure and logistics efficiency across the country.
