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Gurugram-based logistics SaaS startup Fleetx has raised Rs 113 crore ($13.2 million) in its Series C round led by existing investors IndiaMART Intermesh and BEENEXT’s Accelerate Fund. The round includes both primary and secondary transactions.
Entrackr exclusively reported the current round last week.
Fleetx had raised $19.4 million in its Series B round led by IndiaMart with participation from IndiaQuotient and BEENEXT in February 2022.
The fresh proceeds will be used to expand product capabilities and scale its go-to-market engine across mid-market and enterprise segments in India, Fleetx said in a press release.
Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx operates at the intersection of AI and IoT, offering fleet management, fuel analytics, video telematics, transport ERP, and TMS solutions.
The company plans to strengthen its product stack and profitability metrics to meet IPO-readiness targets within the next two years. It also aims to double its annual recurring revenue (ARR) while achieving profitability in the near term.
“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,” said Vineet Sharma, CEO of Fleetx.
Fleetx claims to have grown 4x since its last funding round in 2022. It claims to have crossed Rs 100 crore in ARR and currently serves over 2,000 clients, including more than 100 large enterprise accounts.
Its customers span industries such as cement, FMCG, mining, transportation, and manufacturing. Notable clients include Ultratech Cement, Adani Group, Unilever, Godrej, Shree Cement, Maersk, and Panasonic.
For the fiscal year ending March 2024, Fleetx recorded operating revenue of Rs 56.58 crore from Rs 41.63 crore in FY23. The company also reduced its losses by over 55% to Rs 24.21 crore in FY24. The annual report for FY25 has not yet been filed.
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