Fleetx raises Rs 113 crore in Series C to target profitability & IPO

Fleetx.io announced it has raised Rs. 113 crore in Series C funding to accelerate its journey towards profitability and prepare for an IPO. The Gurugram-based SaaS logistics platform secured the investment from existing backers IndiaMART Intermesh Limited and BEENEXT’s Accelerate Fund.

The round comprises both primary and secondary investments. The funding will be used to boost product innovation and scale its go-to-market strategy for enterprise and mid-market customers across India.

The company reported a fourfold growth since its previous funding round in early 2022 and has crossed Rs. 100 crore in annual recurring revenue (ARR). Fleetx currently serves over 2,000 businesses, including more than 100 large enterprise accounts in sectors such as transportation, manufacturing, mining, FMCG, and cement. Its clients include Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, and Maersk.

Fleetx plans to use the funds to strengthen its sales engine and become fully profitable within the next year. It aims to double its ARR and lay the groundwork for a public listing. Vineet Sharma, Co-founder and CEO of Fleetx, said, “We’re excited to continue this journey with the backing of IndiaMART and BEENEXT. This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness. As we sit on the huge logistics data points, we’re in a unique position to leverage AI to tackle some of the most complex challenges in the sector.”

The company’s platform offers services including fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management systems. It helps businesses digitise, automate, and optimise logistics and transport operations.

IndiaMART Founder and CEO Dinesh Agarwal said, “Fleetx has consistently demonstrated strong product–market fit and disciplined execution in solving large-scale logistics challenges. Their AI- and IoT-powered platform is becoming the operating system for the physical movement of goods and therefore aligns perfectly with IndiaMART’s vision of empowering businesses.”

Hero Choudhary, Managing Partner at BEENEXT, said, “Fleetx’s capital-efficient growth and deep understanding of logistics tech set them apart. We’ve seen them mature into a well-rounded, metrics-driven business and are confident in their ability to build a durable SaaS company from India with global potential.”