Key Highlights
- Fleetx.io to raise Rs. 100 crore in Series C round led by existing investors including IndiaMart and BEENEXT.
- Logistics SaaS startup Fleetx.io reports 36 percent revenue growth and significantly reduces losses in FY24.
- Fleetx.io's Series C funding likely to value the company at Rs. 1,200 crore amid rising demand for logistics tech solutions.
Leading up to its Series C round, Fleetx.io, a SaaS system for logistics, will raise Rs. 100 crores ($12 million).
Some sources said that the company will raise more than Rs. 100 crore through its Series C, primarily with money provided by its previous investors. The greatest part of the capital or about 60-70 percent, is expected to be raised through primary sources.
In 2017, Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra launched Fleetx with the goal of helping fleet operators and companies transition their logistics processes to IoT and software technologies.
In February 2022, Gurugram-based Madex built its business with a Series B round raised with $19.4 million from IndiaMart, IndiaQuotient and BEENEXT.
Fleetx.io is likely to receive funding from IndiaMart and BEENEXT as part of a round that values the company at Rs. 1,200 crore. Angel investors and early backers will be given the opportunity to leave through the secondary component, according to the second source who likewise asked for confidentiality.
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According to reports, the final terms are set and if all continues as expected, the round will become public. In the Series B round, BEENEXT was the biggest external stakeholder in FleetX after India Quotient and IndiaMart.
Revenues from operations for Fleetx during the fiscal year ending March 2024 were Rs. 56.58 crore, while they were Rs. 41.63 crore the previous year. The company reduced its losses by almost two-thirds to Rs. 24.21 crore in FY24 from Rs. 54.33 crore the previous year. There has been no mention of the company filing its FY25 annual report yet.
