Fleetx Raises $19.4 Million in Series-B Funding

Fleet management platform Fleetx.io has raised USD 19.4 million (about Rs 145 crore) in series-B funding led by IndiaMart, the startup firm said on Tuesday. Existing investors IndiaQuotient and Beenext also participated in the round. "Customer is the centre of our mission and this investment will enable us to keep innovating on behalf of our customers, taking our product leadership further ahead and taking it to the global markets.

We will be utilising the investment primarily for talent acquisition, enhancing product and technology, and scaling GTM capabilities," Fleetx CEO and co-founder Vineet Sharma said. Founded in 2017, Fleetx offers a suite of IoT and software-based products to help both fleet operators and industries digitise their logistics operations.

Indiamart founder and MD Dinesh Agarwal said that the supply chain visibility is a critical yet underserved problem faced by Indian enterprises and fleet owners, and Fleetx has been able to develop and cross-sell solutions for various other pain points felt by businesses across their supply chain, such as theft prevention and asset utilisation.

"Vineet and the rest of the 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," Agarwal said.

(PTI)