Beenext, India Quotient lead funding for SaaS-based fleet analytics startup Fleetx
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Fleetx Technologies Pvt. Ltd, a software-as-a-service (SaaS) fleet management and analytics startup, has raised $3.1 million (Rs 22.7 crore) in fresh capital as part of its pre-Series B funding round.

The funding was led by existing venture capital investors Beenext and India Quotient, said Fleetx in a statement.

The startup will use the funds to expand its presence in India and other markets, strengthen its technology and hire, it added.

The funding comes just months after the company raised $2.8 million in a Series A investment round led by Beenext in February.

Fleetx was founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra. 

It uses artificial intelligence, big data and predictive analytics to help fleet owners boost their efficiency and safety. It says it has over 1,250 clients.

Sharma, CEO, said that the company is already clocking pre-Covid growth numbers and expects a significant demand surge for software and digitisation in the near future.

Fleetx is the latest startup in the SaaS segment to have raised capital in the past few months, with the Covid-19 pandemic having accelerated investor bets in the space.

Earlier this month, Chargebee Inc., which operates a SaaS-based subscription management platform, raised $55 million in a Series F funding round.

In September, sales acceleration platform SquadStack raised $5 million in a Series A round led by Chiratae Ventures, with participation from Blume Ventures. 

Also last month, workforce management firm Zuper secured $1.1 million in a seed round led by Prime Venture Partners.

In July, Steadview bought a minority stake in SaaS unicorn Freshworks Inc. for $85 million.

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