Gurugram-based logistics SaaS startup Fleetx has raised $13.2 million in a Series C round, which will drive its AI logistics solutions, accelerate ARR growth, support IPO ambitions, and facilitate product expansion plans. The round, led by existing investors IndiaMART Intermesh and BEENEXT’s Accelerate Fund, includes both primary and secondary transactions, reflecting investor confidence in the company’s evolving market strategy.

Fleetx, founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, develops robust AI logistics solutions that integrate IoT for real-time fleet management, fuel analytics, video telematics, and transportation ERP.

“This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness,” said Vineet Sharma, co-founder and CEO of Fleetx. The company continues to expand its product expansion roadmap, aiming to serve India’s mid-market and enterprise logistics sectors with better intelligence and operational visibility.

By strengthening these product capabilities, Fleetx expects to double its annual recurring revenue (ARR) growth within the next year. It has already surpassed INR 100 crore in annual recurring revenue, growing four times since its previous fundraising in early 2022.

IPO Ambition Drives Profitability Goals

As Fleetx sets its sights on an IPO, profitability has become a central part of its vision. The company reduced its losses by over 55 percent to INR 24.21 crore in FY24 while increasing revenue to INR 56.58 crore, up from INR 41.63 crore in FY23. Its leadership intends to reach full profitability and meet IPO ambition targets within the next two years.

“As we sit on the huge logistics data points, we’re in a unique position to leverage AI to tackle some of the most complex challenges in the sector. We will continue to invest aggressively in our product capabilities while building a durable, efficient business delivering measurable value to our customers,” said Vineet Sharma.

This strategic pivot aligns with market maturity and growing investor expectations, especially in a global environment where capital efficiency increasingly trumps hyper-growth models.

Fleetx Scaling Across Industry Giants

With over 2,000 clients and more than 100 enterprise accounts, Fleetx continues to expand its footprint across various industries, including cement, FMCG, transportation, mining, and manufacturing. The startup collaborates with prominent clients such as Ultratech Cement, Hindalco, Maersk, Unilever, Adani Group, Shree Cement, and Panasonic, underscoring the relevance of its AI logistics solutions for heavy industry operations.

“Fleetx’s capital-efficient growth and deep understanding of logistics tech sets them apart. We’ve seen them mature into a well-rounded, metrics-driven business and are confident in their ability to build a durable SaaS company from India with global potential,” said Hero Choudhary, Managing Partner at BEENEXT.

Its product expansion continues to attract enterprises looking to digitize and optimize transport infrastructure, especially those seeking scalable, insight-driven tools across supply chains.

Sustained Backing from Key Investors

IndiaMART Intermesh and BEENEXT, who led both the Series B and Series C rounds, have shown consistent support for Fleetx’s strategic roadmap. With this latest infusion, the company plans to invest further in talent, platform upgrades, and go-to-market teams.

By focusing squarely on ARR growth, product innovation, and operational excellence, Fleetx positions itself among India’s most promising logistics tech firms, aiming for a public market debut.

“Fleetx has consistently demonstrated a strong product–market fit and disciplined execution in solving large-scale logistics challenges. Their AI and IoT-powered platform is becoming the operating system for the physical movement of goods. It, therefore, aligns perfectly with Indiamart’s vision of empowering businesses,” said Dinesh Agarwal, founder and CEO of Indiamart Intermesh.

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