Indiamart & IndiaQuotient invest $19.4 million to Fleetx.io
Indiamart led a $19.4 million investment round for fleet management platform Fleetx.io, with existing investors IndiaQuotient and Beenext also participating.
The money will be used to hire people, improve the product, and scale the company, according to the company.
Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Mishra founded the company in 2017. Fleetx develops internet-of-things and software-based tools to assist fleet operators and businesses in digitising their logistical operations.
Clients, according to the company, improve the safety, efficiency, and sustainability of their vehicles and operations by adopting its goods. Real-time visibility, greater asset utilisation, theft prevention, fuel savings, and improved vendor performance are some of the primary use cases for Fleetx's platform, according to the company.
According to the company's website, some of its clients include Adani, Delhivery, Mondelez International, Tata Steel, and Suzuki. The firm is active in the fast-moving consumer goods (FMCG), automotive, cement, iron, steel, and e-commerce industries. According to the company, 70 percent of its business comes from medium to large businesses, and it is growing at a rate of 100 percent year on year.
“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,” stated Dinesh Agarwal, founder and managing director of Indiamart.
Gartner, a technology research and consulting group, expects that by 2023, half of the world's largest companies will have invested in real-time transportation visibility solutions. According to the company, just 10% of the logistics industry in the developing world is digitised.
“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 continuous belief and support of our mission,” says Vineet Sharma, co-founder and CEO of Fleetx.io.
The company's most recent large round was a $2.8 million investment from Beenext and IndiaQuotient in February 2019.
The money will be used to hire people, improve the product, and scale the company, according to the company.
Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Mishra founded the company in 2017. Fleetx develops internet-of-things and software-based tools to assist fleet operators and businesses in digitising their logistical operations.
Clients, according to the company, improve the safety, efficiency, and sustainability of their vehicles and operations by adopting its goods. Real-time visibility, greater asset utilisation, theft prevention, fuel savings, and improved vendor performance are some of the primary use cases for Fleetx's platform, according to the company.
According to the company's website, some of its clients include Adani, Delhivery, Mondelez International, Tata Steel, and Suzuki. The firm is active in the fast-moving consumer goods (FMCG), automotive, cement, iron, steel, and e-commerce industries. According to the company, 70 percent of its business comes from medium to large businesses, and it is growing at a rate of 100 percent year on year.
“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,” stated Dinesh Agarwal, founder and managing director of Indiamart.
Gartner, a technology research and consulting group, expects that by 2023, half of the world's largest companies will have invested in real-time transportation visibility solutions. According to the company, just 10% of the logistics industry in the developing world is digitised.
“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 continuous belief and support of our mission,” says Vineet Sharma, co-founder and CEO of Fleetx.io.
The company's most recent large round was a $2.8 million investment from Beenext and IndiaQuotient in February 2019.
