Fleetx.io, a SaaS logistic platform, has raised ₹113 crore in a Series C funding round led by existing investors IndiaMART Intermesh and BEENEXT’s Accelerate Fund. The round includes a mix of primary and secondary investments.
The funds raised will be used to accelerate product innovation and scale a sustainable, profitable, and predictable sales engine tailored for both mid-market and enterprise customers across India. The company also plans to double the ARR while becoming profitable, laying a strong foundation for a potential IPO in the next couple of years.
Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx is an AI-powered fleet & logistics optimisation platform that helps business digitise the physical operations and improve efficiency, enhance safety and drive sustainability.
Fleetx operates at the intersection of AI and IoT, offering fleet management, fuel analytics, video telematics, transport ERP, and TMS solutions.
Its AI-powered platform spans fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management system (TMS), enabling smarter, safer, and more efficient logistics across one of the country’s most critical and underserved industries.
Fleetx claims to have grown 4x since its last fundraise in early 2022. The company now supports over 2,000 businesses, including 100+ large ACV enterprise accounts, across the transportation, manufacturing, mining, FMCG, and cement sectors.
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, underscoring its position as the most trusted logistics SaaS partner in the country.
Vineet Sharma, Co-founder and CEO of Fleetx, said, “We’re excited to continue this journey with the backing of IndiaMART and BEENEXT. 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 the huge logistics data points, we’re in a unique position to leverage AI to tackle some of the most complex challenges in the sector. We will continue to invest aggressively in our product capabilities while building a durable, efficient business delivering measurable value to our customers.”
Dinesh Agarwal, Founder and CEO of IndiaMART Intermesh, said, “Fleetx has consistently demonstrated 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. We are excited to further strengthen our association with the company and see the new heights it scales.”
Hero Choudhary, Managing Partner at BEENEXT, said, “Fleetx’s capital-efficient growth and deep understanding of logistics tech sets them apart. We’ve seen them mature into a well-rounded, metrics-driven business and are confident in their ability to build a durable SaaS company from India with global potential. We’re excited to continue this strong partnership with them as they scale towards becoming a public company.”
