New Delhi, May 27 -- Logistics-focused software-as-a-service (SaaS) startup Fleetx.io has secured Rs 113 crore ($13.2 million) in its Series C funding round, led by existing investors IndiaMART InterMESH, a B2B online marketplace, and BEENEXT, a Singapore-based venture capital firm, which invested through its Accelerate Fund.
The round included a mix of primary and secondary capital. However, Fleetx did not disclose specific details.
In a statement, the company said it will use the capital to accelerate product innovation and scale operations. "With this round, the company is well-positioned to double the annual recurring revenue (ARR) while becoming profitable, laying a strong foundation for a potential initial public offering (IPO) in the next couple of years," it said.
Gurugram-based Fleetx claims to have surpassed Rs 100 crore in ARR. It serves over 2,000 customers, including marquee names such as Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Shree Cement, and MP Birla Group.
"This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO-readiness," Vineet Sharma, co-founder and CEO of Fleetx, said. "We will continue to invest aggressively in our product capabilities while building a durable, efficient business, delivering measurable value to our customers."
Founded in 2017 by Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx offers an AI-powered fleet and logistics optimization platform for mid-market and enterprise clients across transportation, manufacturing, mining, FMCG, and cement sectors.
It provides fleet management, fuel monitoring, video telematics-based driver safety, and transport management system, enabling businesses to digitize logistics, enhance efficiency and safety, and reduce operational costs.
The latest round comes more than three years after the company's last fundraise in February 2022, when IndiaMART had led a $19.4-million (Rs 165-crore) Series B round, with participation from BEENEXT and IndiaQuotient.
Earlier, it had secured $3.1 million (Rs 22.7 crore then) as part of its pre-Series B round, led by BEENEXT and India Quotient in October 2020. This followed a $2.8-million Series A round led by BEENEXT in February 2020.
"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."
Published by HT Digital Content Services with permission from VC Circle.