Fleetx Raises ₹113 Crore in Series C Funding to Drive Profitability and IPO Readiness

Logistics tech startup Fleetx has raised ₹113 crore in a Series C funding round led by existing investors Indiamart Intermesh and BEENEXT’s Accelerate Fund. This milestone marks a new chapter for Fleetx as it prepares to scale operations, strengthen product offerings, and move towards profitability and an eventual public listing.

Building the Operating System for Logistics

Since its establishment in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx has been working towards revolutionizing the logistics sector with technology. The firm provides a range of AI- and IoT-based tools for fleet management, fuel analytics, video telematics, and transportation management systems.

With this capital, Fleetx is set to augment its footprint in India's mid-market and enterprise segments. Its customer count now exceeds 2,000 companies, with marquee customers including Ultratech Cement, Adani Group, Hindalco, Vedanta, Maersk, and Unilever.

Profitability and Beyond

CEO Vineet Sharma shared that the funding provides the capital required to reach full profitability within the next year and lay the groundwork for an IPO.

“As we sit on massive logistics data, we are in a unique position to leverage AI and address complex challenges in the sector,” said Sharma.

Since its last round in 2022, the company has quadrupled its annual recurring revenue, surpassing the ₹100 crore mark. This growth underscores the strength of Fleetx’s product-market fit and the scalability of its platform.

Backed by Belief and Execution

Indiamart Intermesh CEO Dinesh Agarwal highlighted Fleetx’s consistent execution and its alignment with Indiamart’s vision to empower Indian businesses. Similarly, Hero Choudhary, Managing Partner at BEENEXT, praised the startup’s capital-efficient growth and deep domain expertise.

“Fleetx is not just growing. It is building a durable, globally relevant SaaS company,” said Choudhary.

Looking Ahead

With strong investor backing and a focused roadmap, Fleetx is now setting the foundation for the next evolution in logistics technology. As it scales further, the company remains committed to solving large-scale challenges with intelligence, precision, and purpose.