Fleetx Raises INR 145 Crore In Series B Round

The round was led by IndiaMART along with existing investors IndiaQuotient and BEENEXT

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IndiaMART, a B2B marketplace, on Tuesday announced an investment of INR 91.42 crore in Fleetx Technologies as part of its Series B round. IndiaMART has agreed to acquire a mix of primary and secondary share purchases and its final holding post the round shall stand at 16.53 per cent.

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Fleetx.io has raised a total of INR 145 crore in this round, led by IndiaMART along with participation from existing investors IndiaQuotient and BEENEXT.

IndiaMART is a B2B marketplace, connecting buyers with suppliers. With a 60 per cent market share of the online B2B classified space in India, the channel focuses on providing a 360- degree solution to SMEs, large enterprises as well as individuals, said a statement.

"Supply Chain Visibility is a critical yet underserved problem faced by Indian businesses and Fleet Owners. FleetX has been able to validate and scale an innovative IOT and SaaS-based solution to this problem. Moreover, they have been able to successfully develop and cross sell solutions for various other pain points felt by businesses across their supply chain, such as theft prevention and asset utilization," said Dinesh Agarwal, founder and managing director of IndiaMART.

"We want to thank our existing investors for their continuous belief and support in our mission. The digital transformation in the logistics industry is just getting started with penetration level less than 10 per cent in developing countries. We are building an end-to-end platform to solve the opaque operations and siloed systems through technology and helping customers to visualize their physical logistics operations in real-time, on one integrated platform," said Vineet Sharma, CEO and co-founder of Fleetx.io.

Fleetx.io is a freight and fleet management software which helps both fleet operators and businesses to digitize their operations and helps them improve safety, efficiency and sustainability of their vehicles and operations. By harnessing IoT and machine learning, fleetx is enabling digital transformation of the logistics industry, said a statement.