Latest news with #Fleetx
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Business Standard
27-05-2025
- Business
- Business Standard
Fleetx raises ₹113 crore in Series C, aims for profitability and IPO
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 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, 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.'
Entrepreneur
27-05-2025
- Business
- Entrepreneur
Fleetx Secures INR 113 Cr Funding Led by IndiaMART, BEENEXT
The fresh capital will be deployed to expand Fleetx's product capabilities and strengthen its go-to-market engine across India's mid-market and enterprise segments. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Fleetx, the Gurugram-based logistics SaaS startup, has raised INR 113 crore (USD 13.2 million) in a Series C round led by existing investors IndiaMART Intermesh and BEENEXT's Accelerate Fund. This round, comprising both primary and secondary transactions, marks a significant milestone as Fleetx crosses INR 100 crore in annual recurring revenue (ARR) and positions itself for near-term profitability. The fresh capital will be deployed to expand Fleetx's product capabilities and strengthen its go-to-market engine across India's mid-market and enterprise segments. Vineet Sharma, Co-founder and CEO of Fleetx, said, "This round gives us more than enough runway to become fully profitable within the next year and prepare for IPO readiness. We sit on vast logistics data and are in a unique position to leverage AI to solve complex industry challenges." Fleetx was founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra. The company operates at the intersection of AI and IoT, providing cutting-edge solutions in fleet management, fuel analytics, video telematics, transport ERP, and transportation management systems (TMS). Their unified platform empowers over 2,000 clients—including 100+ large enterprises such as Ultratech Cement, Adani Group, Hindalco, and Maersk—to digitize and optimize physical operations, reduce costs, and improve safety. Since its last funding round in early 2022, Fleetx has grown 4x in scale and has now surpassed INR 100 crore in ARR. This capital-efficient growth, combined with strong product–market fit, has earned continued confidence from investors. Dinesh Agarwal, Founder and CEO of IndiaMART Intermesh, noted, "Fleetx has consistently demonstrated 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." Hero Choudhary, Managing Partner at BEENEXT, added, "Fleetx's capital-efficient growth and deep understanding of logistics tech sets 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." With plans to double ARR and achieve profitability within a year, Fleetx is building a robust foundation for a potential IPO in the next two years. Positioned as one of India's growing logistics tech startups, Fleetx is poised to lead the digital transformation of the transportation and supply chain industry.
Time of India
27-05-2025
- Business
- Time of India
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. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 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.
