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India Quotient-funded Fleetx nets $19.4 mn in IndiaMart-led round
Photo Credit: Pixabay

Fleetx Technologies, which runs fleet management platform Fleetx.io, on Tuesday said it has secured funding of $19.4 million (around Rs 145 crore) in a Series B round led by IndiaMart.

The fundraise also saw participation from IndiaQuotient and BEENEXT.

The company plans to use the fresh capital to boost its product portfolio and expand footprint.

Fleetx, set up by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra in 2017, offers a suite of internet of things (IoT) and software-based products to help both fleet operators and industries digitise their logistics operations.

“Supply Chain Visibility is a critical yet underserved problem faced by Indian Enterprises and Fleet Owners. FleetX has been able to validate and scale an innovative IoT and SaaS-based solution to this problem, and hundreds of Enterprises and SMEs across various sectors are currently using their product," said Dinesh Agarwal, Founder and MD of IndiaMART.

"Moreover, they have been able to successfully develop and cross-sell solutions for various other pain points felt by businesses across their supply chain, such as theft prevention and asset utilisation," he added.

In 2019, Fleetx.io raised an undisclosed amount in a pre-Series A round of funding led by India Quotient and LetsVenture’s angel fund. It raised $2.8 million (around Rs 20 crore) in a Series A round in 2020.

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