• Fleetx raises Rs 113 crore in Series C led by Indiamart Intermesh and BEENEXT to enhance product offerings and expand enterprise reach.
• Startup targets profitability and IPO readiness within a year, leveraging AI and IoT to solve complex logistics challenges.
• Annual recurring revenue crosses Rs 100 crore, with a client base of 2,000+ businesses including Ultratech, Adani, Maersk, and Unilever.

Logistics SaaS startup Fleetx, based out of Gurugram, has raised Rs113 crore in its Series C funding round from existing investors Indiamart Intermesh and BEENEXT's Accelerate Fund. The round involves primary and secondary investments and will aid the company in strengthening its product suite and expanding its reach among mid-market and enterprise customers in India.

Established in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx creates AI- and IoT-based software for fleet management, fuel analytics, video telematics, and transportation management systems (TMS).

With this new capital, the company hopes to become fully profitable within a year and start planning for an IPO. "This funding provides us with sufficient runway to become fully profitable and position ourselves for an IPO," Fleetx co-founder and CEO Vineet Sharma said. "With access to massive logistics data sets, we are well-positioned to leverage AI to address intricate sectoral issues.

Since its previous funding round in early 2022, Fleetx asserts to have grown its annual recurring revenue (ARR) fourfold, topping the Rs100 crore mark. Its client base comprises more than 2,000 businesses, of which over 100 enterprise customers span industries like manufacturing, cement, FMCG, mining, and transportation. Some of its key customers are Ultratech Cement, Hindalco, Adani Group, Maersk, Vedanta, and Unilever.

Fleetx raised $19.4 million in 2022, post-money valuation of $75.6 million, according to data from Tracxn. Previous investors have been IndiaQuotient, BEENEXT, and Indiamart Intermesh.

Dinesh Agarwal, Indiamart Intermesh founder and CEO, said, "Fleetx has demonstrated the ability to develop strong product–market fit and operating discipline in solving big-scale logistics problems. Their AI- and IoT-driven platform is quickly emerging as the infrastructure for physical goods movement, which exactly aligns with Indiamart's vision of enabling businesses."

Hero Choudhary, Managing Partner at BEENEXT, added, “Fleetx stands out for its capital-efficient growth and deep logistics tech expertise. We’ve witnessed their evolution into a metrics-driven, mature business and believe in their potential to build a globally impactful SaaS company. We’re excited to continue supporting them on their journey toward public markets.”