Fleetx raises Rs 113 crore from Indiamart and Beenext to scale AI logistics platform

Gurugram-based Fleetx, an AI and IoT-powered logistics platform, has secured Rs 113 crore in funding from Indiamart and Beenext to scale its operations and accelerate product development.

Founded in 2017, Fleetx provides comprehensive solutions including fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management systems (TMS). The company currently serves over 2,000 customers, including more than 100 enterprise clients such as Ultratech Cement, Unilever, Adani Group, Godrej, Vedanta, Maersk, and Hindalco.

“Fleetx has consistently demonstrated a strong product–market fit and disciplined execution in solving large-scale logistics challenges,” a company statement said, highlighting the platform’s role as the operating system for the physical movement of goods.

The recent funding round, led by existing investors and Beenext’s Accelerate Fund, includes both primary and secondary investments. Fleetx plans to deploy the fresh capital to enhance its product offerings and expand its sales engine, focusing on mid-market and enterprise customers across India.

Fleetx’s annual recurring revenue (ARR) has surged to over Rs 100 crore, a four-fold increase since its last fundraising in early 2022.

This investment aligns with Indiamart’s vision of empowering businesses through technology, as Fleetx’s AI-driven platform continues to transform logistics management in India.

With this capital infusion, Fleetx aims to strengthen its market position and accelerate growth in the competitive logistics technology sector.

Gurugram-based startup Fleetx has raised Rs 113 crore from Indiamart and Beenext to expand its AI-driven logistics platform. Serving over 2,000 customers, including major enterprises, Fleetx aims to accelerate product development and scale sales, having quadrupled its annual recurring revenue to over Rs 100 crore.