VC Fund Investments
Logistics startup Fleetx raises Rs.113-Cr in Series C led by IndiaMART and Beenext
Gurugram-based logistics optimisation platform Fleetx has raised INR 113 crore (USD 13.2 million) in its Series C round - which consisted of both primary and secondary transactions - led by existing investors IndiaMART Intermesh and Beenext (through its Accelerate Fund).The primary funds will be used to expand product capabilities and scale the firm’s go-to-market engine across mid-market and enterprise segments in India. The company also plans to strengthen its product stack and profitability metrics to meet IPO-readiness targets within the next two years and double its annual recurring revenue (ARR) while achieving profitability in the near term.Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx offers fleet management, fuel analytics, video telematics, transport ERP, and TMS solutions across cement, FMCG, mining, transportation, and manufacturing industries.
Between Feb 2019 and Feb 2022, fleetx.io had attracted about USD 26- M from India Quotient, Beenext, IndiaMART and others.For FY24, fleetx.io had reported about INR 57 Cr in Operating Income and about INR 24 Cr in Net Loss.
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