IndiaMart leads $19.4 Mn Series B round in Fleetx.io

SaaS-based fleet management platform Fleetx.io has raised $19.4 million in its Series B round led by IndiaMart. Existing backers IndiaQuotient and BEENEXT have also joined the round. 

The startup said that the fund will be primarily used for hiring, improving its product, and scaling its business.

Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria and Vishal Misra, fleetx offers a suite of IoT and software-based products to help both fleet operators and industries digitise their logistics operations and helps them improve safety, efficiency and sustainability of their vehicles and operations.

Some key use cases of the fleetx.io platform include real-time visibility, improved asset utilization, theft prevention, fuel savings, and improved vendor performance.

The Gurugram-based startup claims that it is providing visibility and analytics to over 400 large customers. It has scaled the product to fit many industries such as FMCG, Automotive, Cement, Iron & Steel, and e-commerce.

Last week, SaaS was the top segment in terms of the number of fundraisings with 7 deals followed by fintech, healthtech and D2C brands.