Fleetx, a Gurugram-based logistics technology startup, has raised Rs 113 crore (USD 13.2 million) in its Series C funding round. The investment was led by existing backers IndiaMART Intermesh and BEENEXT’s Accelerate Fund. This round includes both primary and secondary investments and marks a major achievement for the company, which has now crossed Rs 100 crore in annual recurring revenue (ARR).
Fleetx Plan for Funding
Fleetx plans to use the new funds to improve its product features and strengthen its go-to-market efforts, especially across India’s mid-market and enterprise customer base. According to Co-founder and CEO Vineet Sharma, the company is aiming for full profitability within a year and is preparing for an IPO in the near future.
Started in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx provides advanced digital tools using AI and IoT. Its platform offers services in fleet tracking, fuel usage analytics, video telematics, transport ERP, and transport management systems (TMS). Fleetx helps over 2,000 clients, including top names like Adani Group, Ultratech Cement, Maersk, and Hindalco, improve safety and reduce operating costs.
Impressive Business Growth
Since its last funding round in 2022, Fleetx has grown four times in size. This growth has been achieved without heavy spending, showing the company’s efficient use of capital. With Rs 100 crore in ARR now crossed, investors continue to trust in the company’s business strategy.
Dinesh Agarwal, CEO of IndiaMART, said that Fleetx’s platform is becoming an essential tool for managing the movement of goods. BEENEXT’s Managing Partner Hero Choudhary added that Fleetx’s smart use of technology and strong understanding of logistics make it a standout player.
With its focus on expanding its offerings and improving its financial position, Fleetx plans to double its ARR and reach profitability within a year. These moves are part of a bigger plan to take the company public in the next two years.
