Fleetx raises $2.8 Mn in Series A round

Updated story: Fleet management and predictive analytics platform Fleetx.io (also known as Fleetx) has received $2.8 million ~ Rs 21 crore as  part of its Series A round led by Singapore-based venture capital firm Beenext alongside existing investor India Quotient.

The Gurugram-based startup has also raised funds from individual investors including Kunal Bahl, Rohit Bansal, Rajesh Ranavat and Rohan Ranavat.

This is the third external round for the two-and-half-year-old startup. Earlier, it had raised an angel round in 2018 and an undisclosed pre-Series A round in February last year from LetsVenture and India Quotient.

The startup will deploy the fresh capital to enhance product and tech, hiring talent and expand operations in other cities.

Fleetx primarily offers a suite of software-based products to help fleet of all sizes to monitor and optimise their daily logistics operations leveraging artificial intelligence, big data and predictive analytics.

Founded by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, the company runs four flagship products — Fleetx Pulse, Easy, Drive and Finance — to help fleet owners boost their efficiency and safety.

Queries sent to Fleetx  and Beenext did not elicit an immediate response. We'll update the post as and when they respond.

Diving into Fleetx financial for the year ending on March 31, 2019 shows that the company had started gaining traction and generated a net revenue from operations of Rs 1.31 crore. During the fiscal, it spent Rs 1.64 crore and posted a net loss at Rs 22.17 lakh.

Ultratech, DTDC, Saint Gobain are some customers of the SaaS platform.

Fleetx directly competes with Sequoia Capital-backed LocoNav, among others in this space.

*The headline and story have been updated after inputs from the company. The earlier version stated Rs 10 crore in Series A round. We regret the error.