Gurugram, 27 May 2025: Fleetx.io, a leading SaaS platform transforming fleet and logistics operations through AI and IoT, today announced its Series C fundraise of Rs. 113 Cr led by existing investors IndiaMART Intermesh Limited and BEENEXT’s Accelerate Fund. This renewed commitment underscores strong confidence in the company’s current business growth and the substantial market opportunity ahead. The round includes a mix of primary and secondary investments, reaffirming investor confidence in the company’s growth trajectory and vision.
Fleetx has experienced remarkable growth of 4x since its last fundraise in early 2022, establishing itself as one of India’s fastest-growing SaaS companies in the logistics and transportation space. The company now supports over 2,000 businesses, including 100+ large ACV enterprise accounts, across transportation, manufacturing, mining, FMCG, and cement sectors. Its marquee clientele includes industry leaders such as Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Shree Cement, MP Birla Group, Maersk, Hindalco, Grasim, AM/NS India, Bisleri, Panasonic, and DTDC, underscoring its position as the most trusted logistics SaaS partner in the country.
The funding will enable Fleetx to accelerate product innovation and scale a sustainable, profitable, and predictable sales engine tailored for both mid-market and enterprise customers across India. With this round, the company is well-positioned to double the ARR while becoming profitable, laying a strong foundation for a potential IPO in the next couple of years.
“We’re excited to continue this journey with the backing of IndiaMART and BEENEXT,” said Vineet Sharma, Co-founder and CEO of Fleetx. “This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness. 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.”
As India’s logistics and transportation sector undergoes rapid digital transformation, Fleetx has emerged as a category leader, empowering top logistics providers, manufacturers, and enterprises to digitize, automate, and optimize their physical operations. Its AI-powered platform spans fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management system (TMS), enabling smarter, safer, and more efficient logistics across one of the country’s most critical and underserved industries.
Mr. Dinesh Agarwal, Founder and CEO of IndiaMART Intermesh Limited, said: “Fleetx has consistently demonstrated 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 physical movement of goods and therefore aligns perfectly with IndiaMART’s vision of empowering businesses. We are excited to further strengthen our association with the company and see the new heights it scales.”
Hero Choudhary, Managing Partner at BEENEXT, added: “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. We’re excited to continue this strong partnership with them as they scale towards becoming a public company.”
