Based in Gurugram, Fleetx.io (1), the fleet management startup offers an intelligent operating system to optimize fleet and logistics operations. On Wednesday, the company announced that it had secured 3.1 million USD in its Pre-Series B funding round from its existing investors. It includes India Quotient and Beenext, a Singapore based investment firm.
IIT, NIT, and Purdue University alumnus, Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Vishal Misra, and Parveen Kataria founded Fleetx.io in 2017. The company offers a suite of software-based products to help large fleets monitor and optimize their daily logistics operations.
Moreover, the company has also launched an enterprise product to decrease delays and offer risk detections. The work is based on AI and uses predictive analytics to help improve operations while being cost-effective.
Fleetx.io to Focus on Offering World Class SaaS Products in the Logistics Segment
Earlier in 2020, the company had secured 2.8 million USD in its Series A funding round. Beenext, Titan Capital, IndiaQuotient, and a cohort of angel investors participated in the fundraising. At the time of infusion, Fleetx.io stated that it would use the tranche to scale its market in India and globally while ramping up its products, technology, and hire new team members.
Vineet Sharma, the Co-founder, and CEO of Fleetx.io, stated that the company has already achieved the pre-COVID growth numbers. The team is also observing a surge in customers for software and digitization in the upcoming future. He added that the company would utilize the funds to embrace post-COVID digitization demands by strengthening its technology and products while also making a footprint in India and other markets.
The company stated that the global pandemic had accelerated digitization, especially in the logistics and transportation segment. Notably, the firm considers them the backbone of the country’s GDP. In the lockdown, only 20 to 30% percent of vehicle movement was happening for essential services. As a result, the company observed growing requests for end-to-end digitization from new and existing customers.
The Fleetx.io wants to create world-class products out of the country by taking cutting-edge technology, sensors, and predictive analytics to offer better visibility, reduce TAT, and cost optimization.