Logistics Startup Fleetx.io Raises USD 3.1 Mn From Beenext and India Quotient

The fresh capital received in the pre-series B round will be used for scaling in India and other markets, strengthening product and technology and hiring talent

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Fleetx.io, that optimizes fleet and logistics operations using artificial intelligence, has raised USD 3.1 million in pre-series B funding from Singapore-based Beenext and early stage investor India Quotient.

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Both the investors had also led the Series A funding round of USD 2.8 million in the company earlier this year, which also saw participation from a clutch of angel investors.

Fleetx was founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra. The company is a fleet management software that leverages AI, machine learning, sensors and predictive analytics to help fleet owners improve their efficiency, safety and make better decisions in a cost effective and flexible way.

The company stated that due to increase in demand for digitization caused by the Covid-19 pandemic, the company has been getting a lot of end-to-end digitisation requests from existing and new customers.

“We are already at the pre-Covid growth numbers and see a significant demand surge for software and digitisation in the near future. We will utilise these funds to tap on post-covid digitisation opportunities by strengthening our product/tech even further and expand our presence in India and other markets,” said co-founder and CEO, Sharma.

The Gurugram-based company said it plans to use the additional funds for scaling in India and other markets, strengthening product and technology and hiring talent.

Commenting on Fleetx’s product, Dirk Van Quaquebeke, managing director, Beenext said “Fleetx has built a product that is conquering vertical by vertical in what many perceive a crowded space. The team consistently delivers world-class SaaS key performance indicators.”

Fleetx currently provides predictive analytics services to over 1250 clients.

Shipra Singh

Written By

Entrepreneur Staff

Now a freelance journalist, ealier steered the Wealth section on the Entrepreneur website, covering everything finance. Previously a personal finance reporter at The Economic Times and Outlook Money.