Logistics SaaS startup Fleetx raises Rs 113 crore from Indiamart, Beenext
Gurugram-based
logistics SaaS
startup
Fleetx
has raised Rs 113 crore in a funding round led by existing investors
Indiamart Intermesh
and Beenext (through its Accelerate Fund).
The round includes a mix of primary and secondary investments, the company said on Tuesday.
Fleetx plans to use the fresh capital to accelerate product development and scale its sales engine, with a focus on mid-market and enterprise customers across India.
'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 huge logistics data points, we're in a unique position to leverage AI to tackle some of the most complex challenges in the sector,' said Vineet Sharma, cofounder and CEO of Fleetx.
Founded in 2017, Fleetx offers AI- and IoT-powered solutions across fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management systems (TMS).
The company claims to have increased its annual recurring revenue (ARR) to over Rs 100 crore, marking a four-fold jump from its last fundraise in early 2022.
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Fleetx currently serves more than 2,000 customers, including over 100 enterprise accounts such as
Ultratech Cement
, Unilever, Adani Group, Godrej,
Vedanta
, Maersk, and
Hindalco
.
According to Tracxn, Fleetx raised $19.4 million at a post-money valuation of $75.6 million in 2022, with participation from IndiaQuotient, Beenext and Indiamart.
'Fleetx has consistently demonstrated a 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 physical movement of goods and therefore aligns perfectly with Indiamart's vision of empowering businesses,' said Dinesh Agarwal, founder and CEO of Indiamart Intermesh Limited.
The development is part of a broader trend in India's logistics-tech space, which has been attracting investor attention amid growing demand for automation, cost efficiency, and data-driven supply chain insights.
Earlier this year, SoftBank-backed Netradyne, a fleet safety and video telematics firm, became India's first unicorn of 2025 after
raising $90 million
in an equity funding round led by Point72 Private Investments.
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