Gurugram-based logistics SaaS startup Fleetx raises Rs 113 crore in a Series C round

Fleetx, a Gurugram-based logistics SaaS startup, has raised Rs 113 crore in a Series C funding round led by existing investors Indiamart Intermesh and BEENEXT’s Accelerate Fund. The round, which includes both primary and secondary components, is expected to help the startup strengthen its product offerings and expand its footprint among mid-market and enterprise clients across India. 

Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx builds AI- and IoT-powered software for fleet management, fuel analytics, video telematics, and transportation management systems.

With this funding, the startup said it is preparing for full profitability within the next year while laying the groundwork for a public listing.

“This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness,” said Vineet Sharma, co-founder and CEO of Fleetx. “As we sit on huge logistics data points, we’re in a unique position to leverage AI to tackle some of the most complex challenges in the sector.”

The startup claims to have quadrupled its annual recurring revenue (ARR) since its last fundraise in early 2022, surpassing the Rs 100 crore mark. Its customer base now spans over 2,000 businesses, including more than 100 enterprise accounts across manufacturing, cement, FMCG, mining, and transportation sectors. Notable clients include Ultratech Cement, Hindalco, Adani Group, Maersk, Vedanta, and Unilever.

Fleetx previously raised $19.4 million in 2022 at a post-money valuation of $75.6 million, according to startup data platform Tracxn. Investors in that round included IndiaQuotient, BEENEXT, and Indiamart Intermesh.

Dinesh Agarwal, founder and CEO of Indiamart Intermesh, said the partnership with Fleetx aligns with Indiamart’s broader vision. “Fleetx has consistently demonstrated a strong product–market fit and disciplined execution in solving large-scale logistics challenges. Their AI and IoT-powered platform is becoming the operating system for physical movement of goods and therefore aligns perfectly with Indiamart’s vision of empowering businesses.”

Hero Choudhary, Managing Partner at BEENEXT, added, “Fleetx’s capital-efficient growth and deep understanding of logistics tech sets them apart. We’ve seen them mature into a well-rounded, metrics-driven business and are confident in their ability to build a durable SaaS company from India with global potential. We’re excited to continue this strong partnership with them as they scale towards becoming a public company.”