Indiamart led a USD19.4 million fundraising round for fleet management platform Fleetx.io, with existing investors IndiaQuotient and Beenext also participating.
According to the company, the funds will be used to hire people, improve the product, and scale its business.
Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Mishra founded the company in 2017. Fleetx develops internet-of-things and software-based tools to assist fleet operators and businesses digitize their logistical operations.
According to the company, clients may increase the safety, efficiency, and sustainability of their vehicles and operations by using the firm’s products. Real-time visibility, greater asset utilization, theft prevention, fuel savings, and improved vendor performance are just a few of the benefits Fleetx’s platform can provide, the company said.
According to the company’s website, Adani, Delhivery, Mondelez International, Tata Steel, and Suzuki are among the company’s clients. The firm is involved in the fast-moving consumer goods (FMCG), automotive, cement, iron, and steel industries, and e-commerce. The company claims that mid-to-large-sized businesses account for 70% of its revenue and grow 100% year over year.
“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,” said Dinesh Agarwal, founder and managing director of Indiamart.
“We are thrilled to onboard Indiamart in our mission to digitize fleet and logistics operations to improve efficiency, safety, and reduce cost. We also want to thank our existing investors for their continuous belief and support of our mission,” said Vineet Sharma, co-founder and CEO of Fleetx.io.
The company’s most recent big round was a USD2.8 million fundraising round from Beenext and IndiaQuotient in February 2019.