Beenext, India Quotient lead $3.1 Mn pre-Series B round in Fleetx.io

SaaS-based fleet management and predictive analytics platform Fleetx.io has raised $3.1 million in a pre-Series B funding round from its existing backers Beenext and India Quotient. Earlier, the Gurugram-based startup had raised $2.8 million as a part of its Series A round led by Beenext.

Fleetx will deploy the fresh funds for scaling in India and other markets, strengthening technology and hiring talent, the company said in a statement.

Founded by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx primarily offers a suite of software-based products to help fleet owners and industries of all sizes to monitor and optimise their daily logistics operations leveraging artificial intelligence, big data and predictive analytics. 

With four flagship products - Fleetx Pulse, Easy, Drive and Finance - it claims to have 50,000 vehicles and operators serving over 1250 clients such as DTDC, UltraTech Cements, Saint Goban, BFC, among others.

Joining the trend of early-stage startups who offer ESOPs to retain their workforce, Fleetx had also launched its plan in July 2020. Fintrackr’s estimate put the company’s ESOP pool value at around Rs 5.2 crore at that time. 

Sequoia-backed LocoNav serves direct competition to Fleetx. 

In FY19, Fleetx had generated a net revenue from operations of Rs 1.31 crore with Rs 1.64 crore expenditure and a net loss of Rs 22.17 lakh. The financials for FY20 is yet to be filed.

Around half a dozen SaaS startups have collectively raised over $250 million in 2020 which include Postman, Chargebee, Zeotap, Hevo Data, Squadstack and Fleetx.