27-05-2025
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.
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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.
