Fleetx, a Gurugram-based logistics SaaS company, has raised ₹113 crore (~$13.5M) in a Series C funding round led by existing investors Indiamart Intermesh and BEENEXT’s Accelerate Fund. The round included both primary and secondary components and will support Fleetx in expanding its AI- and IoT-based solutions across India’s mid-market and enterprise logistics sectors.
Intelligent Logistics Through AI and IoT
Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx offers a comprehensive logistics intelligence platform. The product suite includes solutions for fleet management, fuel analytics, video telematics, and transportation management systems (TMS).
The platform empowers logistics operators with real-time visibility, automation, and data-driven decision-making—designed to optimize efficiency across supply chains and freight operations.
Platform Highlights
- AI-powered analytics for logistics optimization
- IoT-based telematics and real-time fleet tracking
- Advanced tools for fuel monitoring and driver behavior
- Used across key industries: cement, FMCG, mining, manufacturing, and more
- Enterprise-grade SaaS adopted by 2,000+ customers
Use of Funds
The new capital will support:
- Product innovation and expansion of AI/IoT capabilities
- Deeper market penetration among large enterprise clients
- Building toward profitability and IPO readiness
Market Traction
Fleetx has seen strong revenue growth, reporting a 4x increase in annual recurring revenue (ARR) since its last raise in early 2022. The company has now surpassed ₹100 crore in ARR, serving over 2,000 businesses, including 100+ enterprise clients.
Flagship customers include Ultratech Cement, Hindalco, Adani Group, Vedanta, Maersk, and Unilever.
“This round gives us the financial runway to become fully profitable within a year and lay the foundation for an IPO,” said Vineet Sharma, Co-founder & CEO of Fleetx. “With access to deep logistics data, we’re uniquely positioned to apply AI to solve complex industry challenges.”
Investor Confidence
Dinesh Agarwal, Founder & CEO of Indiamart, commented:
“Fleetx is emerging as the operating system for logistics in India. Their disciplined execution and strong product–market fit align well with our vision of empowering businesses.”
Hero Choudhary, Managing Partner at BEENEXT, added:
“Fleetx has grown with remarkable capital efficiency. Their understanding of logistics tech gives them a unique edge, and we’re excited to back their journey toward building a globally relevant SaaS company.”
Funding Overview
- Amount Raised: ₹113 crore (~$13.5M)
- Round: Series C
- Date: May 2025
- Lead Investors: Indiamart Intermesh, BEENEXT Accelerate Fund
- Website: Fleetx