Gurugram-based artificial intelligence (AI)-driven logistics platform, fleetx.io, has raised an undisclosed Pre-Series A funding from India Quotient and LetsVenture’s Angel Fund, with participation from angel investors — Ajay Prabhu, Prashanth Susarla, Sajid Rahman and Aditya Pratap Singh.
Launched in July 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, the startup offers a suite of software-based products to help fleets of all sizes to monitor and optimise their daily logistics operations. It uses AI and predictive analytics to help them improve their services efficiently and cost-effectively.
The startup plans on using the fresh funds towards product and tech enhancement and drive expansion in other cities such as Bengaluru, Kolkata, Gujarat and Mumbai. The startup currently has 30 people working in their headquarters in Gurugram. Prior to this funding, fleetx raised an undisclosed amount of angel funding in January, this year.
“Their one-stop solution gives a monthly 10-15% savings in fleet operations costs for companies and fleet owners. The platform has a huge room to expand and scale further up,” the statement cited India Quotient partner Gagan Goyal.
According to Sharma, the target audience for fleetx is primarily the fleet owners. “We work on a subscription model and charge fleet owners in a per vehicle basis. They may pay annually and quarterly as well, and the pricing differs accordingly,” he added.
Founder of fleetx
In 2017, India was ranked second on the Emerging Markets Logistics Index. Startups in this sector have been adopting new-age technologies, bringing in cloud-based GPS tracking systems, radio-based frequency identifying software to cater to the needs of logistics. As many startups — such as fleetx, GreyOrange — use AI-based robotic systems that can automate routine logistics tasks at warehouses and fulfilment centres of large ecommerce and retail firms.
Recently, Bengaluru-based LetsTransport raised $14.2 Mn (INR 100 Cr) in Series B funding from Bertelsmann India Investments, Fosun International and other investors, as it aims to strengthen its technology offering add new portfolio verticals and scale up its operations. Other startups in this sector using similar technologies include BlackBuck, Delivery, Rivigo catering to ecommerce logistics, freight, last-mile delivery services.
According to Inc42’s ‘The State of Indian Startup Ecosystem 2018‘ report, India had more than 900 startups catering to the country’s logistics sector as of November 2018.
The founders of fleetx claims its platform is being used by more than 200 fleet owners and is growing at 30% Month-on-Month (MoM). It is further targeting 10X growth in the financial year 2019.