Fleetx Raises ₹113 Crore in Funding to Transform Logistics
Investment Focused on Product Development and Sales Expansion
Gurugram-based logistics SaaS startup Fleetx has successfully raised ₹113 crore in a recent funding round. This round was led by existing investors Indiamart Intermesh and Beenext through its Accelerate Fund.
Funding Composition and Purpose
The funding round comprises a mix of primary and secondary investments, as revealed by the company on Tuesday. Fleetx intends to utilize this fresh capital to expedite product development and enhance its sales engine, particularly focusing on mid-market and enterprise customers across India.
Striving for Profitability
“We are targeting profitability this year by maintaining our growth momentum,” stated Vineet Sharma, co-founder and CEO of Fleetx. He emphasized the importance of continued investment in their sales and go-to-market (GTM) strategy, which is vital for making their operations more efficient and broadening their customer base.
Data Processing Capabilities
Sharma also highlighted that Fleetx processes approximately 1.4 trillion data points annually, showcasing the startup’s ability to tackle significant logistics challenges, particularly regarding vehicle and driver safety, through the application of artificial intelligence (AI).
Revolutionizing Fleet Management
Founded in 2017, Fleetx has developed an extensive range of AI- and IoT-powered solutions. These services encompass fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management systems (TMS).
Impressive Revenue Growth
The company recently reported that its annual recurring revenue (ARR) has surged to over ₹100 crore, reflecting a four-fold increase since its last fundraising in early 2022.
Diverse Client Base
Fleetx currently serves more than 2,000 customers, including over 100 enterprise accounts. Notable clients comprise major companies such as Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Maersk, and Hindalco.
Previous Investments
According to research from Tracxn, Fleetx had raised $19.4 million at a post-money valuation of $75.6 million in 2022. This funding attracted participation from IndiaQuotient, Beenext, and Indiamart.
Endorsements from Industry Leaders
“Fleetx has consistently demonstrated a strong product-market fit and disciplined execution in solving large-scale logistics challenges,” remarked Dinesh Agarwal, founder and CEO of Indiamart Intermesh Limited. He noted that their AI- and IoT-powered platform is evolving into the operating system for the physical movement of goods, aligning seamlessly with Indiamart’s vision for empowering businesses.
Growing Interest in Logistics-Tech
This funding development reflects a broader trend within India’s logistics-tech sector, which has garnered increasing investor attention. The demand for automation, cost efficiency, and data-driven insights in supply chain management is driving this trend.
Recent Milestones in the Industry
Earlier this year, SoftBank-backed Netradyne, a fleet safety and video telematics firm, achieved the status of India’s first unicorn of 2025 after raising $90 million in an equity funding round led by Point72 Private Investments.
Conclusion
Fleetx’s recent funding round underscores the crucial role of technology in modern logistics. By leveraging AI and data analytics, the company is not only addressing significant challenges in fleet management but also setting the stage for sustainable growth and profitability.
Questions & Answers
1. What is Fleetx?
Fleetx is a Gurugram-based logistics SaaS startup specializing in AI- and IoT-powered solutions for fleet management and logistics challenges.
2. How much funding did Fleetx raise in the latest round?
Fleetx raised ₹113 crore in its latest funding round led by Indiamart Intermesh and Beenext.
3. What is the intended use of the funds raised?
The funds will be used for product development and scaling the sales engine, focusing on mid-market and enterprise customers across India.
4. What notable companies are among Fleetx’s clients?
Fleetx serves over 2,000 customers, including major enterprises like Ultratech Cement, Unilever, and Adani Group.
5. What trends are emerging in India’s logistics-tech sector?
The logistics-tech sector is increasingly attracting investor interest due to the growing demand for automation and data-driven supply chain insights.
