Fleetx Secures $13.2 Million in Series C Funding to Advance AI-Powered Logistics Solutions

Logistics SaaS startup Fleetx raises Rs 113 crore from Indiamart, Beenext

Founded in 2017, Fleetx offers AI- and IoT-powered solutions across fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management systems (TMS). Fleetx currently serves more than 2,000 customers, including over 100 enterprise accounts such as Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Maersk, and Hindalco.Gurugram-based logistics SaaS startup Fleetx has raised Rs 113 crore in a funding round led by existing investors Indiamart Intermesh and Beenext (through its Accelerate Fund). The round includes a mix of primary and secondary investments, the company said on Tuesday. Fleetx plans to use the fresh capital to accelerate product development and scale its sales engine, with a focus on mid-market and enterprise customers across India. "This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness. As we sit on huge logistics data points, we're in a unique position to leverage AI to tackle some of the most complex challenges in the sector," said Vineet Sharma, cofounder and CEO of Fleetx. Founded in 2017, Fleetx offers AI- and IoT-powered solutions across fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management systems (TMS). The company claims to have increased its annual recurring revenue (ARR) to over Rs 100 crore, marking a four-fold jump from its last fundraise in early 2022. Fleetx currently serves more than 2,000 customers, including over 100 enterprise accounts such as Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Maersk, and Hindalco. According to Tracxn, Fleetx raised $19.4 million at a post-money valuation of $75.6 million in 2022, with participation from IndiaQuotient, Beenext and Indiamart. "Fleetx has consistently demonstrated a strong product-market fit and disciplined execution in solving large-scale logistics challenges. 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," said Dinesh Agarwal, founder and CEO of Indiamart Intermesh Limited. The development is part of a broader trend in India's logistics-tech space, which has been attracting investor attention amid growing demand for automation, cost efficiency, and data-driven supply chain insights. Earlier this year, SoftBank-backed Netradyne, a fleet safety and video telematics firm, became India's first unicorn of 2025 after raising $90 million in an equity funding round led by Point72 Private Investments.

Fleetx Raises $13 Mn To Help Logistics Companies Digitise Operations

Fleetx aims to turn profitable within a year, paving the way for a potential IPO Gurugram-based fleet management and predictive analytics startup Fleetx.io has raised INR 113 Cr (around $13.2 Mn) in a Series C funding round co-led by existing backers IndiaMART Intermesh Limited and BEENEXT's Accelerate Fund. The round comprises a mix of primary and secondary investments, with nearly 60% of the capital coming from the primary component, while the rest was raised through secondary transactions, a source told Inc42 With this fundraise, the startup's post-money valuation reached around INR 1,200-1,300 Cr. Following the round, the promoters' stake stands at around 20%. In the secondary transaction, LetsVenture's Angel Fund, along with several other angel investors, made a complete exit. In a LinkedIn post, LetsVenture noted it had clocked 18X returns from Fleetx investment. The funds will be used to accelerate product innovation and build a scalable, efficient sales engine targeted at mid-market and enterprise customers. With this round, Fleetx plans to double its ARR and become profitable within the next year, setting the stage for a potential IPO in the coming years. According to the source, the company's operating revenue jumped 33% to INR 80 Cr in FY25 from INR 60 Cr in the previous fiscal year. It also managed to reduce its loss to INR 20 Cr from INR 24.4 Cr in FY24. Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Parveen Kataria and Vishal Misra, Fleetx helps logistics and supply chain companies digitise and optimise their physical operations. It offers a suite of AI-driven tools for fleet management, trip intelligence, fuel analytics, video telematics, and transport ERP, among others. Previous cofounder Udbhav Rai has already exited the startup. Fleetx last raised $19 Mn in 2022 in a Series B round led by IndiaMART, with participation from India Quotient and BEENEXT. With a customer base of around 2,000, the startup counts Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Shree Cement and MP Birla Group among its clients. "This round gives us enough runway to become fully profitable and IPO-ready. As we sit on massive logistics data sets, we are uniquely positioned to apply AI to solve the sector's toughest challenges," Sharma said. Fleetx competes against the likes of MapmyIndia, Pando, Freight Tiger, Blackbuck, Loconav, and Wheelseye in the logistics tech space. As per Inc42 data, India's logistics SaaS and software solutions startups raised $765 Mn between 2014 and February 2023. With the rapid growth of ecommerce and quick commerce services in India, the Indian SaaS-based supply chain management market size is expected to reach $82.81 Bn by 2032, according to Market Research Future.