Gurugram-based Fleetx Technologies, which owns and operates fleet management and predictive analytics platform Fleetx.io, has raised $3.1 million (Rs 22.6 crore) in a fresh funding round, dubbed a pre-series B round, from returning investors Beenext and India Quotient.
The startup will use the capital to strengthen its product and technology capabilities, and fund its expansion in India and global markets, Vineet Sharma, CEO and co-founder of Fleetx.io, said.
Sharma founded the three-year-old startup with Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra. It offers software products, which use artificial intelligence and predictive analytics, to help fleets monitor and optimise their daily logistics operations. It also has an enterprise product for industries that helps them cut delays and detect risks in their fleet.
“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,” Dirk van Quaquebeke, managing director of Beenext, said.
The fresh capital infusion comes eight months after the company secured $2.8 million in a Series A funding round, led by Singapore-based venture capital firm Beenext and early stage 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.
In February 2019, it raised an undisclosed amount in a bridge funding round, dubbed a pre-Series A round, led by Mumbai-based India Quotient and LetsVenture’s angel fund.
Annual investments in the logistics sector are set to touch $500 billion by 2025, according to a study by the India Brand Equity Foundation. The sector is already witnessing technological disruption with business-to-business logistics startups employing technologies such as robotics, automation, data analytics and internet of things, it said. A handful of technology companies, which offer logistics management solutions to traditional FMCG and ecommerce firms, have received venture capital backing over the years.
Fleetx.io, which claims that its services are being used by 1,250 clients, competes with heavily funded logistics companies such as Rivigo, BlackBuck Delhivery, Xpressbees, FarEye and Locus, besides a host of smaller startups such as Vahak, LetsTransport, Loadshare, Holisol and Blowhorn.
In August, Delhi-based FarEye raised $13 million in the latest tranche of a growth funding round, led by Nandan Nilekani-backed firm The Fundamentum Partnership. It raised a total of $37.5 million in the Series D funding round.