Fleetx.io, the freight visibility and fleet management platform, has today announced that it has raised INR 145 crores in series B funding led by IndiaMart, with existing investors IndiaQuotient and BEENEXT also participating
Founded in 2017 by IIT, NIT and Purdue university graduates, Vineet and his co-founders Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, Fleetx offers a suite of IoT and software-based products to help both fleet operators and industries digitise their logistics operations and helps them improve safety, efficiency and sustainability of their vehicles and operations.
By harnessing IoT, and machine learning, Fleetx.io is enabling the digital transformation of the logistics industry and helping all stakeholders get actionable insights and improve their operations. Some key use cases of the Fleetx.io platform include Real-time Visibility, Improved Asset Utilization, Theft Prevention, Fuel Savings, Improved Vendor Performance.
Speaking about the investment, Dinesh Agarwal, founder and MD of IndiaMART said “Supply Chain Visibility is a critical yet underserved problem faced by Indian Enterprises and Fleet Owners. FleetX has been able to validate and scale an innovative IoT and SaaS-based solution to this problem, and hundreds of Enterprises and SMEs across various sectors are currently using their product.”
He added, “Moreover, they have been able to successfully develop and cross-sell solutions for various other pain points felt by businesses across their supply chain, such as theft prevention and asset utilization. Vineet and the rest of the team are experienced professionals with rich experience in working together to deploy technology at scale, and we are excited to partner with them for their next phase of growth. ”
Commenting on the fundraise, Vineet Sharma, CEO and Co-founder of Fleetx.io said, “We are thrilled to onboard IndiaMART in our mission to digitize fleet and logistics operations to improve efficiency, safety, and reduce cost. We also want to thank our existing investors for their continued belief and support of our mission.”
He added, “Customer is the centre of our mission and this investment will enable us to keep innovating on behalf of our customers, taking our product leadership further ahead and taking it to the global markets. We will be utilizing the investment primarily for talent acquisition, enhancing product & technology, and scaling GTM capabilities.”
Logistics & Transportation is the backbone for any economy across the globe and has been running on manual processes, with siloed systems and spreadsheets with no real-time visibility. The digital transformation of the logistics industry is just getting started with penetration level is still less than 10% in developing countries.
Covid has exposed the fragileness in the supply chain industry and created an urgency for freight digitization, prompting Gartner to predict that 50% of leading global enterprises will have invested in real-time transportation visibility solutions by 2023. We are building an end-to-end platform to solve the opaque operations and siloed systems through technology and helping customers to visualize their physical logistics operations in real-time, on one integrated platform.”
“Fleetx was one of India Quotient’s first few SaaS investments when we realized that Indian businesses will begin to adopt the software. From sales to fleet owners (transport sector) in the beginning, they have scaled the product to fit many industries such as FMCG, Automotive, Cement, Iron & Steel, and E-com etc. Today 70% of their revenue comes from mid to large customers. Logistics & Supply Chain SaaS is a massive market globally and Fleetx, growing more than 100% YoY, will soon enter other SEA countries” Said Gagan Goyal, Partner at IndiaQuotient.