India’s Fleetx Bags Rs 113 Cr to Double ARR, With Plans to Expand Product Stack
- Fleetx raised Rs 113 crore ($13.2M) Series C led by IndiaMART and BEENEXT to scale AI-driven logistics.
- The company surpassed Rs 100 crore ARR, grew 4x since 2022, and cut losses by 55% in FY24.
- With these funds, it will expand product capabilities, drive profitability, and position Fleetx for an IPO within two years.
Gurugram-based logistics SaaS startup Fleetx has secured Rs 113 crore ($13.2 million) in a Series C round led by existing investors IndiaMART Intermesh and BEENEXT’s Accelerate Fund.
The round included both primary and secondary transactions, reflecting strong investor confidence in Fleetx’s growth trajectory.
Founded in 2017, Fleetx leverages AI and IoT to offer fleet management, fuel analytics, video telematics, transport ERP, and TMS solutions.
The company serves over 2,000 clients—including more than 100 large enterprises such as Ultratech Cement, Adani Group, Unilever, and Maersk—across industries like cement, FMCG, mining, and manufacturing.
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Since its last fundraise in 2022, Fleetx has grown fourfold and surpassed Rs 100 crore in annual recurring revenue (ARR). The new capital will be used to expand product capabilities, scale its go-to-market engine, and drive profitability, to double ARR and achieve IPO-readiness within two years.
Fleetx also reported a 55% reduction in losses in FY24, with operating revenue rising to Rs 56.58 crore.
CEO Vineet Sharma emphasised Fleetx’s unique position to leverage vast logistics data and AI to solve complex industry challenges, aiming to build a durable, efficient business delivering measurable value.
Edited by Annette George
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