Fleetx.io Raises Rs.113 Crore in Series C Fundraising Round
In a Series C fundraising round, Fleetx.io, a software-as-a-service platform that uses artificial intelligence (AI) and the Internet of Things (IoT) to digitize fleet and logistics operations, raised 113 crore rupees.
BEENEXT's Accelerate Fund and current investors IndiaMART Intermesh Ltd. spearheaded the investment.
The round, which consists of both primary and secondary investments, shows that investors are still confident in Fleetx.io's growth trajectory and the larger logistics technology industry potential in India.
Targeting mid-market and enterprise clients throughout India, the new funding will be utilized to scale a more predictable and sustainable sales approach and enhance product development.
With the additional capital, Fleetx.io hopes to turn a profit and treble its annual recurring revenue (ARR), setting itself up for a possible public offering in the coming years.
Since its most recent fundraising campaign in early 2022, Fleetx has grown significantly—four times.
The company serves more than 2,000 companies in the cement, manufacturing, transportation, mining, and fast-moving consumer goods (FMCG) sectors, including more than 100 major ACV corporate contracts.
Its marquee clientele includes industry leaders such as Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Shree Cement, MP Birla Group, Maersk, Hindalco, Grasim, AM/NS India, Bisleri, Panasonic, and DTDC.
Fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management system (TMS) are all included in the company's AI-powered platform.
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This is making it possible for one of the most important and underrepresented industries in the nation to have safer, more intelligent, and more effective logistics.