AI logistics startup Fleetx nets $2.8m for market expansion

Fleetx.io, an India-based fleet management startup, announced that it has raised US$2.8 million in a series A funding round led by Singapore-based VC firm Beenext and existing investor India Quotient.

The round also saw participation from Snapdeal founders Kunal Bahl and Rohit Bansal, LiFung Capital managing director Rajesh Ranavat, and Temasek Holdings investor Rohan Ranavat.

A shipping container is loaded onto a haulier’s truck / Photo credit: anekoho / 123RF

Fleetx will use the new funds to scale in India and Southeast Asia, strengthen its product and technology, and hire talent. It is planning to launch its Indonesia operations in the coming months.

See: Indonesia’s logistics scene is growing fast. Here are the main players

Founded in 2017, the Gurugram-based startup uses AI, big data, and predictive analytics to help fleet owners and shippers monitor and optimize their daily logistics operations. It aims to help improve their efficiency, safety, and decision-making in a cost-effective and flexible way.

Fleetx says it has served over 1,000 clients, including both medium-sized and large fleet owners and enterprise shippers. It claims to grow by 20% month over month, with almost 0% churn since inception.

“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, internet of things, and big data technology,” says Vineet Sharma, CEO and co-founder at Fleetx.

In February 2019, the startup secured an undisclosed amount of pre-series A funding from India Quotient and LetsVenture.