Beenext, India Quotient lead Series A in logistics SaaS startup Fleetx

Beenext, India Quotient lead Series A in logistics SaaS startup Fleetx
Photo Credit: 123RF.com
4 Feb, 2020

Fleetx.io, the fleet management and predictive analytics platform owned by Gurugram-based Fleetx Technologies, has raised $2.8 million in a Series A funding round led by Singapore-based venture capital firm Beenext along with existing investor India Quotient. 

The round also saw participation from Snapdeal founders Kunal Bahl and Rohit Bansal, Fung Capital managing director Rajesh Ranavat and Temasek Holdings associate director Rohan Ranavat, the startup said in a statement.

Fleetx will use the fresh capital to scale in India and other markets, strengthen product and technology, and hire talent.

The company last raised capital a year ago when Mumbai-based venture capital firm India Quotient and angels from deal-making platform LetsVenture invested an undisclosed amount in the startup’s seed round. 

“Our mission is to build an operating system for the fleet and logistics industry, which gives real-time visibility of end-to-end operations and helps fleet owners reduce operations cost and increase productivity by leveraging artificial intelligence, IoT (internet of things) and big data technology. Our suite of products also provide real-time actionable insights in logistics operations to large enterprise shippers and companies,” Vineet Sharma, co-founder and CEO of Fleetx, said.

Sharma founded Fleetx in 2017 with Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra. 

The startup offers a suite of software-based products to help fleets of all sizes to monitor and optimise their daily logistics operations. It uses artificial intelligence and predictive analytics to help them improve their operations efficiently.

With a client base of both mid-to-large fleet owners and enterprise shippers, the number of customers the company has is over a thousand, according to the statement. Fleetx claims to be growing 20% month-on-month with almost zero churn since inception.

“We were impressed by the team’s relentless focus on solving very concrete problems in fleet management one industry at a time. This increases relevancy, reduces the risk of being displaced and creates several industry-specific micro brands/personas for Fleetx,” Dirk van Quaquebeke, managing director at Beenext, said.

Beenext's investments in Indian startups include used cars marketplace Droom, peer-to-peer property listing portal NoBroker, rewards-based credit card payment platform CRED, cloud kitchen operator Rebel Foods and data platform Tracxn.

Last month, logistics SaaS platform LogiNext raised $39 million from Tiger Global and Steadview Capital, with which the company's valuations jumped to just about $100 million. Earlier this year, Gurugram-based logistics technology company Rivigo Services raised $3.4 million in a debt funding round from venture debt firm Trifecta Capital. Logistics technology startup Pando raised $9 million in a Series A round led by Chiratae Ventures in January.