Fleetx Raises ₹113 Cr in Series C Led by IndiaMART, BEENEXT

Om Singh

| 2025-06-07 | Business Stories, Funding Feed

Series C Funding Led by IndiaMART and BEENEXT

Fleetx Technologies, a fast-growing logistics SaaS startup based in Gurugram, has raised ₹113 crore ($13.2 million) in a Series C funding round. The investment was led by existing backers IndiaMART InterMESH Ltd and BEENEXT’s Accelerate Fund. The round included both primary and secondary transactions, with early investor Let’s Venture exiting completely.

The new funding will be used to enhance product capabilities, fuel go-to-market expansion, and set the foundation for a potential Initial Public Offering (IPO) within two years.

“We’re sitting on a wealth of logistics data. This round allows us to aggressively enhance our AI-driven platform while building a sustainable and profitable business,” said Vineet Sharma, CEO and Co-founder of Fleetx.

Key Highlights of the Funding Round

Amount Raised: ₹113 crore ($13.2 million)
Investors: IndiaMART, BEENEXT (Accelerate Fund)
Transaction Type: Primary + Secondary (includes partial exits)
Previous Round (Series B): $19.4 million in Feb 2022
IPO Timeline: Within 24 months (planned)
Growth Target: Double ARR and achieve profitability

Fleetx’s AI & IoT-Driven Logistics Platform

Founded in 2017, Fleetx combines Artificial Intelligence (AI) and Internet of Things (IoT) to offer end-to-end solutions for logistics optimization. The startup’s SaaS platform provides:

Fleet Management
Fuel Analytics
Video Telematics
Transport ERP
Transportation Management System (TMS)

These tools help companies track assets in real-time, reduce fuel wastage, improve driver behavior, and optimize routing and planning-ultimately lowering logistics costs.

Also Read: Tan90 Thermal Solutions: Pioneering Sustainable Cooling in India

Serving 2,000+ Clients Across Major Sectors

Fleetx has scaled rapidly, now serving over 2,000 businesses, including 100+ enterprise clients. Its customers span high-demand verticals:

Cement: Ultratech Cement, Shree Cement
FMCG: Unilever, Godrej
Mining and Heavy Industry
Logistics & Transportation: Maersk
Electronics & Manufacturing: Panasonic
Infrastructure: Adani Group

This diverse base showcases the platform’s flexibility and reliability in mission-critical supply chains.

Financial Performance: Strong Growth & Lower Losses

Fleetx has made strides in improving its financial metrics:

Metric	FY23	FY24	Growth
Operating Revenue	₹41.63 crore	₹56.58 crore	+36% YoY
Net Loss	₹54.33 crore	₹24.21 crore	-55.4% YoY

These improvements reflect better unit economics, cost controls, and client retention—critical for long-term sustainability and investor confidence.

Strategic Focus: Profitability, ARR, and IPO Readiness

Fleetx plans to use the newly raised capital to:

Double its Annual Recurring Revenue (ARR) within 12–18 months.
Achieve full profitability by FY26.
Align metrics with IPO-readiness standards.
Expand reach among mid-market and large enterprises.

The company will also continue investing in product R&D, with an emphasis on AI features that automate decision-making in logistics.

Why This Matters: Logistics Tech Is Booming

India’s logistics tech market is predicted to be $9 billion by 2030, according to RedSeer Consulting, as digital transformation takes off across all sectors. Fleetx is riding this wave and developing a platform that cuts operational inefficiencies-a fundamental pain point in India’s fragmented supply chain environment.

Investors like IndiaMART view Fleetx as a long-term play in the digitization of Indian logistics, echoing similar global trends.

What’s Next for Fleetx?

With fresh capital, a robust client base, and improving financials, Fleetx is on track to:

Enhance product innovation
Scale in India’s $250 billion logistics industry
Prepare for a successful public market debut

The Indian logistics technology sector has seen a surge in investor interest as businesses prioritize digital transformation in supply chain operations. According to a report by RedSeer Consulting, India’s logistics industry is projected to grow to over $380 billion by 2025, driven by e-commerce, infrastructure upgrades, and tech adoption. Startups like Fleetx are capitalizing on this shift by offering smart, data-driven solutions that improve efficiency, transparency, and cost-effectiveness. As demand rises for scalable SaaS platforms, Fleetx’s AI-first approach positions it well ahead of traditional players.