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Fleetx raises ₹113 crore in Series C, aims for profitability and IPO
Fleetx.io, a software-as-a-service platform focused on digitising fleet and logistics operations using artificial intelligence (AI) and the Internet of Things (IoT), has raised ₹113 crore in a Series C funding round. The investment was led by existing backers IndiaMART Intermesh Ltd and BEENEXT's Accelerate Fund.
The round, which includes a mix of primary and secondary investments, reflects continued investor confidence in Fleetx.io's growth trajectory and the broader market potential for logistics technology in India.
The fresh capital will be used to advance product development and scale a more sustainable and predictable sales model aimed at mid-market and enterprise clients across India. With the new funding, Fleetx.io aims to double its ARR (annual recurring revenue) and achieve profitability, positioning the company for a potential public listing within the next few years.
'This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness,' said Vineet Sharma, co-founder and CEO of Fleetx. '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. We will continue to invest aggressively in our product capabilities while building a durable, efficient business delivering measurable value to our customers.'
Fleetx has experienced strong growth—four times since its last fundraise in early 2022. The company now supports over 2,000 businesses, including more than 100 large ACV enterprise accounts, across transportation, manufacturing, mining, FMCG, and cement sectors. Its marquee clientele includes industry leaders such as Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Shree Cement, MP Birla Group, Maersk, Hindalco, Grasim, AM/NS India, Bisleri, Panasonic, and DTDC.
The firm's AI-powered platform spans fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management system (TMS). This is enabling smarter, safer, and more efficient logistics across one of the country's most critical and underserved industries.
'Fleetx has consistently demonstrated strong product–market fit and disciplined execution in solving large-scale logistics challenges,' said Dinesh Agarwal, Founder and CEO of IndiaMART Intermesh Ltd. 'Their AI- and IoT-powered platform is becoming the operating system for physical movement of goods and therefore aligns perfectly with IndiaMART's vision of empowering businesses.'
Hero Choudhary, Managing Partner at BEENEXT, added that 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,' said Choudhary. 'We're excited to continue this strong partnership with them as they scale towards becoming a public company.'
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