Fleetx Boosts with Over ₹100 Crore in Series C Funding, Eyes ₹1,200 Crore

Gurugram-based logistics SaaS startup Fleetx.io is set to raise more than ₹100 crore (approximately $12 million) in its Series C funding round, according to sources cited by Entrackr. The majority of this capital infusion is expected to come from existing investors, including IndiaMART and BEENEXT, with around 60-70% constituting primary capital.

A Strategic Move in a Competitive Landscape

Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx offers IoT and software-driven solutions aimed at digitizing logistics processes for fleet operators and industries. The company’s platform enhances visibility, efficiency, and safety in fleet management.

This funding round follows a successful Series B in February 2022, where Fleetx raised $19.4 million led by IndiaMART, with participation from IndiaQuotient and BEENEXT. The upcoming Series C is anticipated to value the company at approximately ₹1,200 crore, marking a significant milestone in its growth trajectory.

Financial Performance and Market Position

Fleetx has demonstrated robust financial performance, reporting ₹56.58 crore in operating revenue for FY24, up from ₹41.63 crore in FY23. Notably, the company managed to reduce its losses by over 55%, from ₹54.33 crore in FY23 to ₹24.21 crore in FY24.

In the broader logistics tech sector, Fleetx faces competition from players like Emiza and Routematic, which have also secured significant funding rounds recently. Emiza closed a ₹100 crore Series C round at a ₹400 crore valuation, while Routematic raised ₹340 crore, achieving a ₹1,000 crore valuation.

vitt’s take..

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Fleetx’s impending Series C funding round underscores the growing investor confidence in logistics technology solutions that drive efficiency and transparency. The company’s ability to scale revenue while curbing losses reflects a sustainable growth model. As the logistics sector continues to evolve with technological advancements, Fleetx’s strategic positioning and robust platform could enable it to capitalize on emerging opportunities and solidify its market presence. But it will be interesting to watch that who could come out winning in this one as the competitors are also getting funded.

For investors and stakeholders in the logistics and SaaS domains, Fleetx represents a compelling case of innovation meeting operational excellence, poised for significant impact in the industry’s digital transformation journey.