Tech-logistics startup Fleetx raises $2.8 million in Series A round

FleetX raises Series A funding

Gurugram-based fleet management platform (aka Fleetx) has raised $2.8 million in a Series A round of funding led by Singapore-based Beenext alongside existing investor India Quotient.

The two-and-half-year-old start-up also raised funding from individual investors including Snapdeal founders Kunal Bahl and Rohit Bansal, Rajesh Ranavat (MD, LiFung Capital) and Rohan Ranavat (Investor, Temasek Holdings).

This is the third external round of funding for the company. Earlier, it had raised an angel round in 2018 and a pre-series A round February last year from IndiaQuotient and LetsVenture.

Fleetx with its new round of funding is likely to invest in scaling in India and other markets, strengthening product and technology and hiring talent.

The company founded in 2017 by Vineet Sharma along with co-founders Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, offers a suite of software-based products to help fleets of all sizes to monitor and optimise their daily logistics operations.

With the help of AI and predictive analytics the company improve its operations efficiently and cost-effectively.

“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 in reducing the operations cost and increase productivity by leveraging artificial intelligence, IoT, 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, CEO and Co-founder Fleetx

The company catering to both mid and large fleet owners and enterprise shippers claim a growth of 20% month-on-month with almost zero per cent churn since inception.

Fleetx directly competes with Sequoia Capital-backed LocoNav, among others in this space.

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