How Fleetx plans to spend the $19.4 million funding led by IndiaMart
Fleetx plans to use it for talent acquisition, enhancing product & technology, and scaling GTM capabilities.
Vineet Sharma, CEO and Co-Founder of Fleetx, joined us recently after the freight visibility and fleet management platform raised $19.4 million in series B funding led by IndiaMart, with existing investors IndiaQuotient and BEENEXT also participating.
In the exclusive video interview with STAT Media Group, he talks about the restrictions that that had before in terms of product development which the funding has now mitigated. This is the first big investment received by a tech-enabled logistics company and is looking forward to owning the execution part of logistics. Sharma informed us that they are onboarding new and high profile clients and expect them to acquire or acqui-hire some supply chain software companies that can solve more problems for logistics and enterprise companies.
He expressed his excitement on the fact that IndiaMart, one of the biggest Indian B2B online marketplace, has come forward to invest in the company he co-founded. He said that they are eager to learn and walk along with IndiaMart to a probable IPO in the next three to four years. As an important stakeholder in the supply chain, Fleex wants to fit into the ecosystem created by IndiaMart and offer its solutions to a larger set of fleet owners and manufacturers.
He is planning to hire and attract many young engineers who will have the opportunity to learn from the growth of Fleetx by working on cutting edge technologies as the company wants to focus on its products and technology offering now. Vineet also wants to build his next leadership team and have more leaders in different functions.
Fleex is sitting on a very huge amount of data they have collected from vehicles and transporters regarding their shipments and dispatches. Vineet said that they have already identified three to four use cases on which they can build industry-first solutions using machine learning and artificial intelligence. Till now they were not focusing on the research and development side of it. With the new funding, that is one of his focuses and he informed that 10 percent of the product and engineering cost will go to research and development.
He is also planning a few geographical expansions in India as well as to countries in Africa, South East Asia and some parts of Middle East where the technology penetration is still low. So whoever wants visibility in their supply chain, Fleetx is ready with rolled-up sleeves.