The AI-based logistic startup, Fleetx.io (1), is looking to secure 23.19 INR. The company has received its stakeholders’ approval to issues 8,888 CCCPs in Series A3 fundraise. The nominal value of the share would be 10 INR and a premium of 26,090 INR per share. The company aims to raise a total of 23,19,76,800 INR amount. As per the company’s filing, the fund would increase their business and fulfill their working capital needs.
Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, founded Fleetx.io in 2017. The startup offers a suite of products based on software to monitor and optimize all sizes of fleets’ daily logistics operations. The company utilizes AI and predictive analytics to help businesses improve their performances and decrease cost on logistics.
In February 2020, the startup secured ten crore INR or approximately 2.8 million USD in its Series A funding round. BEENEXT, a venture capital based in Singapore, led the mentioned funding round. The round also observed participation from existing investors India Quotient and Kunal Bahl and Rohit Bansal, founders of Snapdeal, among others.
Fleetx.io to Streamline Logistics in India
In 2019, Fleetx.io had secured an undisclosed amount in pre-Series A fundraise from India Quotient and Lets Venture’s Angel Fund. Other angel investors such as Ajay Prabhu, Prashanth Susarla, Sajid Rahman, and Aditya Pratap Singh also participated in the funding round.
Vineet Sharma, the Co-founder, and CEO of Fleetx.io, stated while commenting on its last fundraise that the company was providing 1,000 clients with its AI-driven fleet management software. As per the company, it is growing at 20% month-on-month (MOM). Sharma also added that the firm had grown 6x between 2018 and 2019. The client base of the company includes both mid to large fleet owners and enterprise shippers.
There are several fragments in the Indian logistics market for a long time. However, several startups have found the gaps and recognized the need for organizations in the sector. By 2020, India’s logistics sector would hit 215 billion USD with 10.5% CAGR as per IBEF, Indian Brand Equity Foundation.