Fleetx raises $19.4 million in Series B funding led by IndiaMart
Fleetx helps fleet operators to digitise logistics and improve the safety, efficiency, sustainability of vehicles.
The freight visibility and fleet management platform Fleetx.io has today announced that it has raised $19.4 million in series B funding led by IndiaMart, with existing investors IndiaQuotient and BEENEXT also participating
Dinesh Agarwal, founder and MD of IndiaMART said "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 across various sectors are currently using their product. Moreover, 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 utilization."
Vineet Sharma, CEO and Co-founder of Fleetx.io said, "We will be utilizing the investment primarily for talent acquisition, enhancing product & technology, and scaling GTM capabilities.
Covid has exposed the fragileness in the supply chain industry and created an urgency for freight digitization, prompting Gartner to predict that 50 percent of leading global enterprises will have invested in real-time transportation visibility solutions by 2023.
Gagan Goyal, partner at IndiaQuotient, said, "Fleetx was one of India Quotient's first few SaaS investments when we realized that Indian businesses will begin to adopt the software. From sales to fleet owners (transport sector) in the beginning, they have scaled the product to fit many industries such as FMCG, automotive, cement, iron & steel, and e-com etc. Today 70 percent of their revenue comes from mid to large customers. Logistics & supply chain SaaS is a massive market globally and Fleetx, growing more than 100 percent YoY, will soon enter other SEA countries."
Founded in 2017 by IIT, NIT and Purdue university graduates, Vineet and his co-founders Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, fleetx offers a suite of IoT and software-based products to help both fleet operators and industries digitise their logistics operations and helps them improve safety, efficiency and sustainability of their vehicles and operations. "By harnessing IoT, and machine learning, Fleetx.io is enabling digital transformation of the logistics industry and helping all stakeholders get actionable insights and improve their operations. Some key use cases of the fleetx.io platform include real-time visibility, improved asset utilization, theft prevention, fuel savings, improved vendor performance," reads the release.