Fleetx.io raises $19.4 million from Indiamart, IndiaQuotient

Fleet management platform Fleetx.io said that it has raised a $19.4 million funding round led by Indiamart, with existing investors IndiaQuotient and Beenext also participating.

The startup said that the fund will be primarily used for hiring, improving its product, and scaling its business.

Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Mishra, Fleetx provides internet-of-things and software-based products to help both fleet operators and industries digitise their logistics operations.


The startup claims that by using its products its clients improve safety, efficiency and sustainability of their vehicles and operations. Some key use cases of Fleetx’s platform include real-time visibility, improved asset utilization, theft prevention, fuel savings, and improved vendor performance, the company said.

According to Fleetx.io's website, Adani, Delhivery, Mondelez International, Tata Steel, and Suzuki are some of its clients. The company operates across fast-moving-consumer-goods (FMCG), automotive, cement, iron, steel, and e-commerce industries. The company claims 70% of its business comes from mid to large enterprises and its business is growing 100% year-on-year.

“Supply chain visibility is a critical yet underserved problem faced by Indian enterprises and fleet owners. Fleetx has been able to validate and scale an innovative IoT and Saas-based solution to this problem, and hundreds of enterprises and SMEs across various sectors are currently using their product,” said Dinesh Agarwal, founder and managing director of Indiamart.

Technology research and consulting firm Gartner predicts that 50% of leading global enterprises will have invested in real-time transportation visibility solutions by 2023. Only 10% of the logistics industry in the developing world is digitised, the company says about the market opportunity.

“We are thrilled to onboard Indiamart in our mission to digitize fleet and logistics operations to improve efficiency, safety, and reduce cost. We also want to thank our existing investors for their continuous belief and support of our mission,” said Vineet Sharma, cofounder and CEO of Fleetx.io.

The company’s last big round was a $2.8 million funding round in February 2019 from Beenext and IndiaQuotient.