Fleetx.io, an AI-enabled fleet management platform, has raised USD 19.4 million in Series B led by IndiaMart. Existing investors IndiaQuotient and Beenext have participated in the funding round. As part of the transaction, IndiaMART has agreed to acquire shares via a mix of primary and secondary share purchases, and its final holding post the round shall stand at 16.5%.
"We will use the funds to scale the team further to help us achieve our mission of digitising fleet and logistics operations to improve efficiency, safety and reduce cost,” said Vineet Sharma, co-founder and CEO of Fleetx.io. Additionally, the company will use the capital for talent acquisition, enhancing product and technology and scaling GTM capabilities.
Fleetx.io was founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra. The company offers AI-powered software products to monitor and optimise daily logistic operations of fleets of all sizes, improve efficiency and reduce logistics costs. By harnessing IoT and machine learning, Fleetx.io enables the digital transformation of the logistics industry and helps all stakeholders get actionable insights to improve their operations.
“Supply chain Visibility is a critical yet underserved problem faced by Indian businesses and Fleet Owners. FleetX has been able to validate and scale an innovative IoT and SaaS-based solution to this problem. Moreover, they have been able to successfully develop and cross-sell solutions for various other pain points felt by businesses across their supply chain, such as theft prevention and asset utilization. Vineet and the rest of the Fleetx.io team are experienced professionals with rich experience in working together to deploy technology at scale, and we are excited to partner with them for their next phase of growth,” said Dinesh Agarwal, founder and Managing Director of IndiaMart.
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