The freight visibility and fleet management platform, Fleetx, on Tuesday announced that it has raised $19.4 million in series B funding led by IndiaMart, with participation from existing investors IndiaQuotient and Beenext.
The company was founded in 2017 by Vineet and his co-founders Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra. It offers a suite of IoT and software-based products to help fleet operators and industries digitise their logistics operations and help them improve the safety, efficiency and sustainability of their vehicles and operations.
Vineet Sharma, CEO and Co-founder, Fleetx, said that these funds will primarily be utilised for talent acquisition, enhancing product & technology, and scaling GTM capabilities.
Dinesh Agarwal, Founder and MD, IndiaMART, said, “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.”