Fleetx Raises $13 Mn To Help Logistics Companies Digitise Operations

Gurugram-based fleet management and predictive analytics startup Fleetx.io has raised INR 113 Cr (around $13.2 Mn) in a Series C funding round co-led by existing backers IndiaMART Intermesh Limited and BEENEXT’s Accelerate Fund.

The round comprises a mix of primary and secondary investments, with nearly 60% of the capital coming from the primary component, while the rest was raised through secondary transactions, a source told Inc42

With this fundraise, the startup’s post-money valuation reached around INR 1,200-1,300 Cr.

Following the round, the promoters’ stake stands at around 20%. In the secondary transaction, LetsVenture’s Angel Fund, along with several other angel investors, made a complete exit. 

In a LinkedIn post, LetsVenture noted it had clocked 18X returns from Fleetx investment.

The funds will be used to accelerate product innovation and build a scalable, efficient sales engine targeted at mid-market and enterprise customers.

With this round, Fleetx plans to double its ARR and become profitable within the next year, setting the stage for a potential IPO in the coming years.

According to the source, the company’s operating revenue jumped 42.6% to INR 80 Cr in FY25 from INR 56.1 Cr in the previous fiscal year. It also managed to reduce its loss to INR 20 Cr from INR 24.4 Cr in FY24.

Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Parveen Kataria and Vishal Misra, Fleetx helps logistics and supply chain companies digitise and optimise their physical operations. It offers a suite of AI-driven tools for fleet management, trip intelligence, fuel analytics, video telematics, and transport ERP, among others. Previous cofounder Udbhav Rai has already exited the startup. 

Fleetx last raised $19 Mn in 2022 in a Series B round led by IndiaMART, with participation from India Quotient and BEENEXT.

With a customer base of around 2,000, the startup counts Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Shree Cement and MP Birla Group among its clients.

“This round gives us enough runway to become fully profitable and IPO-ready. As we sit on massive logistics data sets, we are uniquely positioned to apply AI to solve the sector’s toughest challenges,” Sharma said.

Fleetx competes against the likes of MapmyIndia, Pando, Freight Tiger, Blackbuck, Loconav, and Wheelseye in the logistics tech space. 

As per Inc42 data, India’s logistics SaaS and software solutions startups raised $765 Mn between 2014 and February 2023. 

With the rapid growth of ecommerce and quick commerce services in India, the Indian SaaS-based supply chain management market stood at $300.7  Mn in 2024 and is expected to reach $949.70 Mn by 2032, according to imarc report.